NELFund disbursed over N1.1bn loans to 20,000 students – MD

The Managing Director of Nigerian Education Loan Fund (NELFund), Mr Akintunde Sawyerr, has disclosed that over N1.1 billion has been disbursed as fees for 20,000 students who applied for the loans.

Speaking in a briefing in Abuja on Wednesday, Sawyerr said the Fund would also disburse N850 million before the end of the day (Wednesday), adding that disbursement will henceforth be done daily.

He said the Fund would also disburse loans to 260 students for upkeep with each being entitled to N250,000 yearly.

“The payment of upkeep stipends will be conducted in the coming week with the utmost transparency and security,” he said.

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While noting that five institutions were the beneficiaries while an additional one would receive today (Wednesday), he said: “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.”

The Managing Director also debunked reports about making deductions from the disbursement to students, saying the students got the exact amount they applied.