JUST IN: FG Announces Start Date for Student Loan Disbursement

In a significant development for Nigerian tertiary institution students, the Federal Government’s loan scheme, facilitated by the Nigerian Education Loan Fund (NELFUND), is set to begin disbursement of funds starting next week. This announcement comes from NELFUND Managing Director Akintunde Sawyerr, who appeared on Channels Television’s Politics Today.

Sawyerr revealed that students who are about to commence new academic sessions will be the first to receive credit alerts. “The people who are going to first receive alerts as early as next week are the people who are about to start a new session in the institution they are in,” he stated.

However, other successful applicants will have to wait until the commencement of their respective academic sessions to receive their disbursements. This phased approach ensures that funds are available precisely when needed by the students.

The announcement closely follows the official launch of NELFUND by President Bola Tinubu at the State House in Abuja. This initiative has already seen significant engagement, with 170,000 applicants from universities, polytechnics, and colleges of education opening accounts with NELFUND. Out of these, 110,000 applicants have successfully completed the application process.

Sawyerr highlighted the two categories of beneficiaries under this scheme. The first category includes educational institutions, which will receive payments on behalf of the students. The second category comprises the students themselves, who will receive a monthly stipend.

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The formal launch of the disbursement process was also conducted at the State House, underscoring the government’s commitment to improving Nigeria’s socio-economic landscape through education. Sawyerr emphasized that this program aims to provide Nigeria with better leadership in the future by empowering students today.

“To be precise, about 110,000 students have successfully applied. They’ve put in their applications and have been verified as bona fide and eligible applicants. We will still carry out further verification to ensure they are well-qualified to receive these loans. But over 110,000 are likely to begin to receive disbursement from next week,” he elaborated.

Students are required to meet specific criteria, including having Joint Admissions and Matriculation Board (JAMB) numbers, matriculation numbers, Bank Verification Numbers (BVN), and National Identification Numbers (NIN), among other requirements.

Sawyerr disclosed that the current exposure to students amounts to about N35 billion. He reassured that NELFUND has sufficient funds to disburse, with additional funding sources anticipated. “Remember, we are getting 1% of Federal Inland Revenue Service taxes and we also can receive funding from other sources,” he explained.

This strategic initiative by NELFUND promises to alleviate the financial burdens on students and enhance the quality of education in Nigeria. As the disbursement begins, students and institutions alike can look forward to a more supportive educational environment.

Source: Channels TV

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