The House of Representatives reaffirms its unwavering commitment to the effective oversight and success of the Nigerian Education Loan Fund (NELFUND) as it initiates the disbursement of monthly stipends to students.
Recent updates through our oversight mechanisms confirm that NELFUND, under the leadership of Managing Director Mr. Akintunde Sawyerr, has commenced disbursing N20,000.00 monthly stipends for July to 20,371 students across six (6) tertiary institutions.
This initiative is a testament to the Federal Government’s commitment to breaking financial barriers in higher education.
Additionally, NELFUND is diligently working to extend the payment process to students from approximately 55 more tertiary institutions in the coming weeks.
Rep. @GboyegaNIsiaka (APC, Ogun), Chairman of the House Committee on Student Loan, Scholarship, and Higher Education Financing, stated,
“The operationalization of NELFUND represents a significant step forward in our approach to educational support…
…It is designed to alleviate financial burdens, allowing students to focus on their academic endeavors.”
To date, NELFUND has approved and disbursed over N2,530,235,750 in student loans, benefiting 22,120 students across twelve (12) institutions.
Approximately N2,026,163,340 has been disbursed as full payment of institutional fees to over 20,000 students in 6 institutions.
In the wake of nationwide protests regarding economic challenges affecting young students, the HouseNGR is committed to addressing these issues.
The House of Representatives encourages students across the federation to take full advantage of the benefits available by applying through. Institutions that are yet to submit complete student data are also urged to do so promptly to ensure their students can access the programme.
The NELFUND’s implementation effectively supports students amidst these economic difficulties. This includes expanding NELFUND to these state-owned tertiary institutions in Nigeria.
President Bola Tinubu signed the National Students Loan Amendment Bill into law on Wednesday, April 3, 2024. The House of Representatives in March 2024, passed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024.
NELFUND’s loan application portal was thereafter, launched on May 24, 2024. Since then, 160,000 students have registered for the scheme, with over 110,000 applications processed.
