By Gabriella Ogbu
Akintunde Sawyerr, the Managing Director of the Nigerian Education Loan Fund (NELFUND), announced on Wednesday’s Politics Today on Channels Television that students who have qualified for the Federal Government’s loan plan will start receiving credit notifications next week as they commence new academic sessions.
“The people who are going to first receive alerts as early as next week are the people who are about to start a new session in the institution they are in,” Sawyerr disclosed.
He emphasized that other successful applicants will receive credit notices once academic sessions begin at their respective universities and institutions.
Sawyerr’s remarks followed the recent launch of NELFUND by President Bola Tinubu at the State House in Abuja. The initiative aims to support students across universities, polytechnics, and schools of education.
According to Sawyerr, there are currently 170,000 applicants with NELFUND accounts, out of which 110,000 have completed the application process successfully.
“There are two categories of beneficiaries: institutions that will receive payments on behalf of students, and students who will receive a monthly stipend,” Sawyerr clarified.
The formal disbursement circle was launched at the State House, underscoring NELFUND’s objective to foster future leadership and enhance Nigeria’s socioeconomic landscape.
“We have verified over 110,000 eligible applicants who will begin receiving payments as early as next week,” Sawyerr confirmed.
He stressed the importance of meeting specific prerequisites such as JAMB numbers, matriculation numbers, Bank Verification Numbers (BVN), and National Identification Numbers (NIN) for each applicant.
“The current exposure to students amounts to approximately N35 billion, with additional funding expected soon,” Sawyerr added. “We receive 1% of Federal Inland Revenue Service taxes, which supplements our resources.”
