NELFUND Okays Disbursement Of Student Loans To Successful Applicants

The Nigerian Education Loan Fund (NELFUND) has approved the disbursement of student loans to successful applicants from selected tertiary institutions.

In a statement published on its official X handle (formerly Twitter) on Thursday, the directive was given following NELFUND inaugural board meeting in Abuja on Wednesday, chaired by its chairman, Jim Ovia.

The statement, signed by NELFUND Head of Media and Public Relations, Nasir Ayitogo, said the meeting marked a significant milestone in the organisation’s commitment to empowering tertiary students through financial support.

It said, “Under the leadership of the Board Chairman, Mr. Jim Ovia, top in agenda was the approval for disbursement of student loan to successful applicants.

“This decision underscores President Bola Ahmed Tinubu’s dedication to providing timely and essential financial assistance to students in need, enabling them to pursue their educational goals without undue financial stress.

“By approving the immediate disbursement of the loans, NELFUND is taking a critical step in fulfilling its mission to support education and empower the next generation of leaders.”

The inaugural meeting also set the stage for future initiatives, aimed at enhancing educational opportunities, and providing comprehensive support to students across various disciplines.

Also present at the meeting were the management of the Fund led by its Managing Director/CEO, Akintunde Sawyerr, and representatives of member organisations.

Lagosbusinessnews reports that NELFUND announced a 14-day postponement of the application process for students of state-owned institutions due to low data submissions.

Ayitogo, on Tuesday, said the decision was necessitated by the failure of several state-owned institutions to upload the required student data and fee information to the NELFUND Student Verification System (SVS).

To date, it said only a limited number of state-owned institutions have completed the data submission process. These include 20 state-owned universities out of 48, 12 state-owned colleges of education out of 54, and two state-owned polytechnics out of 49.

He said, “While we acknowledge the efforts of these institutions, the failure to submit data from the remaining state institutions poses significant challenges to ensuring a seamless and accurate verification process for student loan applicants.”

The application window, initially set to open on June 25, 2024, will now commence on July 10, 2024, according to Ayitogo.