Student Loan scheme took off yesterday, making history in the annals of Nigeria’s education system.
Funds were released to pay 20,000 of the beneficiaries in fulfilment of one of the cardinal promises made by President Bola Ahmed Tinubu.
The Nigerian Education Loan Fund (NELFUND) announced the payment N1,172,388,340.00 to cover the tuition of 20,000 students in five institutions.
The remaining students among the over 100,000 successful applicants will benefit at the beginning of the next academic session, Managing Director/Chief Executive Officer of NELFUND, Akintunde Sawyerr, said.
While the tuition payment was paid directly into the institutions’ accounts, beneficiaries will be paid N250,000 annually for upkeep directly.
Sawyerr said an additional N850 million was released yesterday.
He said: “Following Mr President’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1,172,388,340.00 for 20,000 students (100 per cent paid) in esteemed institutions across the country.
“These institutions were carefully selected based on their academic calendar.
“Disbursement to other institutions will be made at the beginning of their sessions to ensure a transparent and equitable distribution of resources.
“Within these institutions, 11,083 students are the beneficiaries who applied for the loans and their tuition was paid 100 per cent.
“This financial aid will enable them to focus on their studies without the added burden of financial worry.
“We believe that by investing in these students, we are investing in the future of Nigeria.
“We are collaborating with several key agencies and institutions to ensure this.
“The Nigerian Financial Intelligence Unit (NFIU), the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) will work alongside the various banks involved in this process.”
He added that payment of stipends will be made in the coming weeks.
“Furthermore, we will launch a series of new skills training programmes in the coming weeks.
“These programmes are designed to empower Nigerians with the knowledge and expertise needed to excel,” he said.
President Bola Tinubu on July 17 symbolically gave out dummy cheques to some of the beneficiaries as a way of kicking off payments.
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