NELFUND approves disbursement of student loan

This was revealed in a press release shared on its X platform (formerly twitter) today.

The directive come on the heels of its inaugural board meeting which took place in Abuja yesterday .

The Head of Media and Public Relations, Nasir Ayitogo, revealed that the meeting marked a significant achievement in the organization’s dedication to empowering students through financial support.

The statement revealed that, under the guidance of Board Chairman Jim Ovia, the primary focus is to approve the 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 session also paved the way for forthcoming endeavors aimed at enriching educational prospects and offering comprehensive aid to students across various fields of study.

In attendance were the fund’s management, led by Managing Director/CEO Akintunde Sawyerr, along with representatives from member organizations.

This development comes shortly after NELFUND communicated a two-week delay in the student loan application process for state-owned institutions, citing insufficient data submissions.

Ayitogo had stated on Tuesday that the delay was necessitated by the failure of several state-owned institutions, to upload necessary student data and fee information onto the NELFUND Student Verification System (SVS).

Currently, only a limited number of state-owned institutions have finalized the data submission procedure. These include 20 out of 48 state universities, 12 state colleges out of 54, and 2 state polytechnics out of 49.

“While commending the efforts of these institutions, the non-submission of data from the remaining state institutions poses considerable obstacles in ensuring a smooth and accurate verification process for student loan applicants,” the statement highlighted.

According to Ayitogo, the application window initially scheduled to commence on June 25, 2024, will now open on July 10, 2024.

Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law on April 3, 2024.