bloomshorts The Nigerian Education Loan Fund (NELFUND) has made a monumental stride in supporting education by disbursing ₦86 billion to 449,000 students out of 735,000 applications received under its student loan scheme.
Akintunde Sawyerr, the Managing Director of NELFUND, shared insights on the program’s growth and scope during an interview on Channels Television’s Sunrise Daily. With 742,000 students registered and 735,000 applications processed, the initiative is witnessing an influx of 3,000 to 3,500 applications daily.
“So far, ₦47 billion has been allocated to 218 tertiary institutions, and ₦38 billion disbursed as stipends, totaling ₦86 billion,” Sawyerr revealed. The loan processing time is between 30 to 45 days, ensuring a robust and accountable system.
Amidst this progress, investigations into alleged discrepancies in loan disbursements by the ICPC highlight the challenges of managing public funds. NELFUND, however, denies any mismanagement, emphasizing its commitment to transparency and accountability.
