The Nigerian Education Loan Fund (NELFUND) says it has disbursed ₦86 billion to support 449,000 students out of 735,000 applications received so far under its student loan scheme.
NELFUND Managing Director, Akintunde Sawyerr, detailed the scope of the loan programme and its daily growth.
“As of this morning, 742,000 students have registered on our portal and been cleared as potential applicants. Of that number, 735,000 have applied for the loan, meaning they have completed the process and formally submitted their applications.
“The number of students who have benefitted, meaning those whose school fees have been paid, or whose school fees and stipends have been paid in instalments, stands at 449,000. Applications are growing by about 3,000 to 3,500 per day.
“So far, ₦47 billion has been paid to 218 federally and state-owned tertiary institutions, including universities, polytechnics, and colleges of education, while ₦38 billion has been disbursed as stipends. In total, we have disbursed ₦86 billion,” he said on Friday.