Nigerian Government to Disburse N35 Billion in Student Loans to 70,000 Applicants

The Nigerian Education Loan Fund (NELFUND) is set to disburse N35 billion in student loans to 70,000 successful applicants. This significant initiative demonstrates the Nigerian government’s commitment to making higher education more accessible and affordable for students across the country. The beneficiaries, students of federal government-owned tertiary institutions, were selected from a pool of 120,000 applicants.

Successful candidates can now check their application status on the NELFUND portal, which provides detailed information on the verification process and final approval. The N35 billion allocation will cover tuition, departmental levies, laboratory fees, and health insurance, with payments made directly to the institutions to ensure transparency and efficiency.

In addition to covering educational expenses, NELFUND will provide each successful applicant with a monthly allowance of N20,000 throughout their academic year, totaling N240,000 annually. This allowance will be paid even during school breaks to support students’ upkeep. To continue receiving this financial aid, students must reapply each year, as the assistance is a refundable loan, not a gift.

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NELFUND Disburses ₦104 Billion in Student Loans Nationwide

NELFUND’s efforts are not limited to the initial 70,000 students. The agency is currently evaluating an additional 50,000 applications, receiving an average of 150 new applications daily. This ongoing evaluation process highlights NELFUND’s commitment to expanding financial assistance to more students in need.

Starting June 25, NELFUND will open its application portal to students of state-owned tertiary institutions, ensuring that students across all 36 states of Nigeria can benefit from this initiative. The agency will also publish a comprehensive list of institutions that have submitted their students’ data for the Student Verification System (SVS) portal, promoting transparency and encouraging participation.

Established under the Access to Higher Education Act signed by President Bola Tinubu, NELFUND is responsible for handling student loan requests, grants, disbursement, and loan recovery. The fund is supported through various streams, including donations, gifts, grants, endowments, and other revenue sources.

This financial commitment by the Nigerian government through NELFUND is a significant step towards creating a more equitable and accessible education system. By alleviating financial barriers, this initiative aims to empower students to pursue their academic dreams without the burden of financial constraints. As NELFUND continues to expand its reach, more students will be able to benefit from this groundbreaking initiative, underscoring the government’s dedication to education and setting a precedent for future efforts to support the nation’s youth.