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  • NELFUND disburses July stipends to 20,371 students

    NELFUND disburses July stipends to 20,371 students

    The management of the Nigerian Education Loan Fund (NELFUND) has announced the successful disbursement of monthly stipends for the month of July to 20,371 students from six tertiary institutions.

    The agency announced this in a statement yesterday in Abuja by its Director Finance and Accounts, Mr. Ibom Uche.

    Uche said the initiative underscored President Bola Tinubu’s unwavering commitment to support Nigerian students by ensuring financial stability throughout their academic pursuit.

    The News Agency of Nigeria (NAN) reports that a monthly payment of N20,000 was given as upkeep stipends to each of the beneficiary students.

    Uche said students from institutions whose fees had already been paid by NELFUND, had begun to receive their July upkeep stipends.

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    He listed the institutions as Bayero University in Kano (BUK), the Federal University at Dutsin-Ma (FUDMA), University of Ilorin (Unilorin), and University of Benin (UniBen).

    Other, he said, are University of Ibadan (UI) and University of Maiduguri (UniMaid).

    “NELFUND is diligently working to commence the payment process for students from approximately 55 additional tertiary institutions.

    “It is anticipated that this will be concluded within the next two weeks as the fund is committed to ensuring that all eligible students receive their stipends promptly.”

    “NELFUND remains steadfast in its mission to support the educational aspirations of Nigerian students by providing financial assistance for studies at qualifying institutions,” the statement said.

    It promised that the fund would also ensure the timely disbursement of stipends for the day-to-day expenses of students.

    “It is noteworthy that the President, on Sunday, committed a further N50 billion from recovered proceeds of crime.

    “NELFUND appreciates the patience and cooperation of students and institutions as the organisation works assiduously to fulfill its previous commitments to Nigerian students,” the statement added.

  • FULL LIST: Varsities who have received NELFUND’s N20,000 monthly stipends

    FULL LIST: Varsities who have received NELFUND’s N20,000 monthly stipends

    The Nigerian Education Loan Fund (NELFUND) has disbursed N20,000.00 monthly stipends for July to 20,371 students from six tertiary institutions.

    Students from the following institutions whose institutional fees have already been paid by NELFUND have begun to receive July upkeep stipends:

    Here is a list of varsities who have received NELFUND’s N20,000 monthly stipends

    1. Bayero University Kano

    2. Federal University, Dustin-Ma

    3. University of Ilorin

    4. University of Benin

    5. University of Ibadan

    6. University of Maiduguri

  • NELFUND disburses N20,000 monthly stipends for 20,371 students

    NELFUND disburses N20,000 monthly stipends for 20,371 students

    The Nigerian Education Loan Fund (NELFUND) has disbursed N20,000.00 monthly stipends for July to 20,371 students from six tertiary institutions.

    The agency said this in a statement signed by its Director of Finance and Accounts, Mr Ibom Uche on Monday in Abuja.

    According to NELFUND, students from Bayero University Kano; Federal University, Dutsin-Ma; University of Ilorin; University of Benin; University of Ibadan, and University of Maiduguri have received their stipend for July.

    The statement said: “This initiative further underscores H.E. President Bola Ahmed Tinubu’s promised unwavering commitment to supporting Nigerian students by ensuring financial stability throughout their academic pursuit.

    Read Also: NELFUND lists 6 institutions to receive students loan

    Students from the following institutions whose institutional fees have already been paid by NELFUND have begun to receive July upkeep stipends:

     1. Bayero University Kano

     2. Federal University, Dustin-Ma

     3. University of Ilorin

     4. University of Benin

     5. University of Ibadan

     6. University of Maiduguri

    “NELFUND is diligently working to commence the payment process for students from approximately 55 additional tertiary institutions.

    “It is anticipated that this will be concluded within the next two weeks as the fund is committed to ensuring that all eligible students receive their stipends promptly.

    “NELFUND remains steadfast in its mission to support the educational aspirations of Nigerian students by providing financial assistance for studies at qualifying institutions and ensuring the timely disbursement of stipends for day-to-day expenses.

    “It is noteworthy that the President only Sunday committed a further 50 billion Naira from recovered proceeds of crime.

    “NELFUND appreciates the patience and cooperation of students and institutions as the organisation works assiduously to fulfill its previously made commitments to Nigerian students.”

  • NELFUND lists 6 institutions to receive students loan

    NELFUND lists 6 institutions to receive students loan

    The Nigerian Education Loan Fund (NELFUND) has released the list of six institutions that have received its disbursement of N2,026,163,340 as institutional fees.

    The institutions were released on the official X handle of the fund, on Saturday.

    The institutions include: the University of Ibadan, Bayero University Kano, University of Ilorin, University of Benin, University of Maiduguri and Federal University Dutsinma, Katsina State.

    The fund disbursed N853,775,000 to Bayero University Kano, N589,001,500 to the University of Maiduguri and N304,961,800 to the Federal University Dutsinma, Katsina State.

    Also the University of Ibadan got N201,114,650, University of Ilorin got N52,897,890 while University of Benin got N24,412,500.

    Read Also: NELFUND approves N2.5bn for disbursement to 22, 120 students

    The fund had earlier in a statement, said that the strategic effort aimed to ensure that students who really need the funds could continue their education by lowering burden of financial constraints.

    “So far, six of the 12 institutions have received full payment of their institutional fees, covering over 20,000 students.

    “The total amount disbursed to these institutions stands at approximately N2,026,163,340.

    “These disbursements will ensure that Nigerian students can proceed with their academic activities unimpeded, fostering peace of mind much needed for these students and their families,” the fund said.

    (NAN)

  • NELFUND approves N2.5bn for disbursement to 22, 120 students

    NELFUND approves N2.5bn for disbursement to 22, 120 students

    The Nigerian Education Loan Fund (NELFUND) has approved N2,530,235,750 to be disbursed as loan to 22,120 students.

    The organisation said so far, six of the 12 institutions have received full payment of their institutional fees, covering over 20,000 students.

    In a statement yesterday by the Head, Media and Public Relations, NELFUND, Nasir Ayitogo the agency said the total amount disbursed to these institutions stood at N2,026,163,340.

     It added that additional six tertiary institutions would receive their payments in the coming week.

     The statement reads: “In alignment with President Bola Ahmed Tinubu’s commitment to enhancing educational opportunities for Nigerians, the Nigerian Education Loan Fund (NELFUND) has continued the disbursement of substantial student loans to institutions and students nationwide.

     “In the light of the foregoing, NELFUND has so far further approved student loans amounting now to over N2,530,235,750, being disbursed across many institutions, benefiting 22,120 students.

     “This strategic effort aims to ensure that students who really need the funds can continue their education by lowering the burden of financial constraints.

     “So far, six of the twelve institutions have received full payment of their institutional fees, covering over 20,000 students. The total amount disbursed to these institutions stands at approximately N2,026,163,340. A further six will receive their payments in the coming week.

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     “These disbursements will ensure that Nigerian students can proceed with their academic activities unimpeded, fostering peace of mind much needed for these students and their families.”

     The agency also said it has started the payment of upkeep allowance to students.

     NELFUND said it has earmarked N442,400,000 for students allowances for the month of July.

     It said: “In addition to the institutional fees, NELFUND has also commenced the payment of upkeep to students.

    “This initiative will provide essential financial support for living expenses. A total of N442,400,000 has been allocated for the month of July.

    “The upkeep payments will benefit all 22,120 students across the twelve institutions, with more to come in the coming weeks and months, reflecting the federal government’s commitment to the overall well-being and academic success of Nigerian students in government institutions.

     “These figures highlight NELFUND’s unwavering dedication to ensuring that financial constraints do not impede academic pursuits.”

  • NELFUND spends N1.1b on tuition of 20,000 students

    NELFUND spends N1.1b on tuition of 20,000 students

    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.”

    Read Also: NELFund disburses over N1.1bn loans to 20,000 students

    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.

  • NELFUND spends N1.1bn on tuition of 20,000 students

    NELFUND spends N1.1bn on tuition of 20,000 students

    …Students to get 250,000 annual allowance

    The Nigerian Education Loan Fund (NELFUND) on Wednesday, July 31, stated that it has paid the school fees of 20,000 students who applied for the student loan.

    The organization said that about N1,172,388,340.00 was used to offset the tuition.

    It said that the 20,000 represented five institutions across the country, noting that students would be entitled to N250,000 upkeep paid annually into their accounts.

    The managing director/chief executive officer of NELFUND, Akintinde Sawyerr disclosed this on Wednesday while giving an update on the student loans.

    He said an additional N850 million will be released to institutions today (Wednesday, 31, July, 2023.

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    Sawyerr also said disbursements would be made to other institutions at the beginning of their sessions to ensure a transparent and equitable distribution of resources.

    President Bola Tinubu on July 17, launched the student loan scheme.

    He said: “I am delighted to share that 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% 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, a total of 11,083 students are the beneficiaries who applied for the loans and their tuition was paid 100 percent.

    “This financial aid will enable them to focus on their studies without the added burden of financial worry. It is our belief that by investing in these students, we are investing in the future of Nigeria.”

    He added that in addition to the tuition charges, NELFUND is cognisant of the need for upkeep support, saying that the payment of upkeep stipends will be conducted in the coming weeks with transparency and security.

    “Furthermore, we are excited to announce that we will be launching a series of new skills training programs in the coming weeks. These programs are designed to empower Nigerians with the knowledge and expertise needed to excel,” he added.

    President Tinubu on April 3 signed into law the bill on the scheme in line with his electoral promise that no Nigerian student would drop out of school on account of lack of funds.

    According to the law, repayment will commence two years after the completion of the National Youth Service Corps (NYSC) programme.

    The ambitious cardinal programme will be funded with one percent of the total annual collectible revenue by the Federal Inland Revenue Service (FIRS).

  • NELFund disburses over N1.1bn loans to 20,000 students

    NELFund disburses over N1.1bn loans to 20,000 students

    The Nigerian Education Loan Fund (NELFUND) says it has disbursed a total of N1.17 billion to 20,000 students in five of the public tertiary institutions that applied for the loan.

    The Managing Director of NELFUND, Akintunde Sawyerr, disclosed this at a news conference in Abuja on Wednesday.

    Sawyerr, who said that, one more institution would be added to the beneficiaries before the end of the day, noted that NELFUND would keep increasing the number based on applications.

    According to him, the fund is working on reviewing another 100 institutions whose application had been received

    “I am delighted to share that, following President Bola Tinubu’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 the 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,’’ he said.

    Sawyerr said an additional disbursement of N850 million would leave NELFUND to various institutions due to receive the loans.

    He also disclosed that a total of 260,000 students had been approved for payment of upkeep loans and their institutions’ charges

    He said that the upkeep loan and institution charges for each student is N250,000 per annum. However, a student could apply less than the approved amount.

    Read Also: NELFUND: Northern institutions lead loan applications – Sawyerr

    According to him, not every student that takes the institution loan wanted the upkeep loan, which would be paid in tranches base on students’ need.

    When asked if the loans could be given to Post Graduate students, Sawyerr said the mandate of the fund focuses on undergraduate students with the least opportunities,

    “Our focus is on the undergraduate students. It is a fund that enables those who have the least opportunities to get education.

    “While we acknowledge that there are students who will want to pursue their postgraduate studies, for now, our target is undergraduate students,’’   he said.

    (NAN) 

  • Student Loan: More state-owned tertiary institutions upload students’ data to NELFUND

    Student Loan: More state-owned tertiary institutions upload students’ data to NELFUND

    Another 12 state-owned tertiary institutions have uploaded the data of their students to the Nigerian Education Loan Fund (NELFUND) portal, it has been learnt.

    A statement by NELFUND’s Head of Media and Public Relations, Nasir Ayitogo, said the expansion came following the successful submission and verification of data completeness and accuracy required from the institutions.

    On Monday, 36 state-owned tertiary institutions joined the scheme after successfully uploading the data of their students to NELFUND’s Student Verification System (SVS).

    The statement reads: “With this latest addition, the total number of participating state-owned institutions has now increased from 36 to 48. There are still 121 institutions outstanding however.

    “While visiting the Osun State Governor Ademola Adeleke, NELFUND Managing Director, Akintunde Sawyerr, thanked all institutions that have complied so far, and gave special recognition to Governor Adeleke for his exemplary leadership in this regard.

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    “The Fund urges all institutions that are yet to submit their students’ data to kindly do so to enable their students benefit from the scheme. It also urges states whose data has been captured and successfully uploaded to sensitise their students to apply, thereby bringing succour to students struggling financially while also bringing guaranteed revenue to the institutions…”

    No fewer than 1.2 million students are expected to benefit from this initiative which will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS).

  • Additional 12 state-owned tertiary institutions submit student data to NELFUND 

    Additional 12 state-owned tertiary institutions submit student data to NELFUND 

    The Management of Nigerian Education Loan Fund (NELFUND) has announced the onboarding of an additional 12 state government-owned tertiary institutions to the student loan application portal.

    This is disclosed in a statement made available to newsmen by Nasir Ayitogo, Head, Media and Public Relations, NELFUND, on Wednesday in Abuja.

    Ayitogo said that the expansion came following the successful submission and verification of data completeness and accuracy required from the institutions.

    He said with the latest addition, the total number of participating state government-owned tertiary institutions had been increased from the initial 36 to 48.

    Ayitogo urged all institutions yet to submit their students’ data to the Student Verification Portal (SVS) of the fund to do so to enable their students benefit from the scheme.

    He advised states whose data had been captured and successfully uploaded to urgently sensitise their students to apply.

    He said doing this would bring succour to students, who were struggling financially whilst also bringing guaranteed revenue to the institutions.

    Ayitogo urged students from the newly added state government-owned tertiary institutions to visit www.nelf.gov.ng to apply for the loan, while noting that students’ data from 121 institutions was still outstanding.

    Read Also: BREAKING: NELFUND opens portal for students from state-owned institutions to apply for loan

    He listed the 12 additional state-owned tertiary institutions as Abia State Polytechnic, Benue State University, Makurdi, College of Education, Waka-Biu and University of Medical and Applied Sciences Enugu State.

    Others are Aliko Dangote University of science and Technology Wudil, Kano State, Kwara Polytechnic, Lagos State University of Science and Technology and Ibrahim Badamasi Babangida University Lapai, Niger State.

    In the list are also Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Abraham Adesanya Polytechnic, Taraba State Polytechnic and Yobe State University.

    (NAN)