The Nigerian Education Loan Fund has commenced the disbursement of N20,000 for the month of July to 20,371 students in six institutions.
This comes after President Bola Tinubu, on Sunday committed the sum of N50 billion to the student loan programme.
A statement released by the Fund listed the institutions to include Bayero University Kano; Federal University, Dutsin-Ma; University of Ilorin; University of Benin; University of Ibadan and the University of Maiduguri.
Signed by its Director of finance, Ibom Uche, the Fund stated that it was working towards the commencement of the payment process for students from approximately, “55 additional tertiary institutions.
“It is anticipated that this will be concluded within the next two weeks as the fund is committed to ensuring that all eligible students receive their stipends promptly.”
“It is noteworthy that the President only Sunday committed a further 50 billion Naira from recovered proceeds of crime.”
The student loan scheme is Tinubu’s flagship project in the education sector.
Barely a month after his inauguration as president, Tinubu had signed the Access to Higher Education Act, which creates a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their fees in Nigerian tertiary institutions.
NELFUND is saddled with the responsibility of handling all loan requests, grants, disbursement, and recovery.
The Fund, according to the Act, is to be funded from multiple streams and would engage in other productive activities.
Kuni Tyessi
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