PRESIDENT Bola Tinubu today, officially introduced the Nigerian Education Loan Fund (NELFund) during an event held in the council chamber of the State House.
The ceremony was attended by key figures such as the leadership of the National Assembly, the Secretary to the Government of the Federation, several ministers, agency heads, as well as members of the board and management team of the Nigerian Education Loan Fund, headed by the board chairman, Jim Ovia.
Following the launch of the portal, President Tinubu presented symbolic cheques to students and institutions.
Meanwhile, the Managing Director/Chief Executive Officer of the Nigerian Education Loan Fund, Akintunde Sawyerr, disclosed that the portal has already received over 110,000 loan applications.
This development is coming shortly after President Tinubu approved a ₦35 billion budget for the commencement of the scheme, with a focus on targeting 70,000 initial applicants.
During its inaugural meeting last month in Abuja, Ovia authorized the distribution of loans to successful candidates.
The student loan initiative aims to offer financial assistance, including tuition fees and allowances, to eligible students across the country.
The first phase of the program anticipates benefiting over 1.2 million students.