Breaking: NELFUND Confirms ₦33 Billion Student Loan Disbursement To Over 261,000 Beneficiaries

NELFUND Managing Director, Akintunde Sawyer, made this disclosure on Thursday during a student sensitization event in Edo North Senatorial District, organized in partnership with the State Ministry of Education. The event was held at Edo University, Iyamho, in Etsako West Local Government Area.

According to Sawyer, over ₦22 billion of the total funds disbursed has been allocated for institutional fees, while approximately ₦11 billion has been designated for students’ monthly living expenses, bringing the total distribution to nearly ₦33 billion.

He further stated that NELFUND has received about 520,000 registrations and processed roughly 419,000 applications, successfully distributing institutional fees and living allowances to 261,000 students so far.

Sawyer reassured that NELFUND has sufficient resources to support Nigerian students, provided they meet the eligibility criteria of being enrolled in an accredited tertiary institution within the country.

“So far, we are well-funded. The political commitment from Mr. President, granting us access to funds beyond statutory allocations, is highly commendable,” he stated.

He added that the law permits NELFUND to source funds from non-governmental entities, and many Nigerians have stepped forward to support students with their tuition fees.

Sawyer highlighted that several non-governmental organizations are currently contributing financial resources to NELFUND, enabling the agency to fulfill its mandate effectively.

He also noted that many individuals are eager to contribute to national development but previously lacked an appropriate platform to channel their support.