The Nigerian Education Loan Fund (NELFUND) has approved the disbursement of student loans to successful applicants, marking a significant development in its efforts to provide financial aid to students.
This decision was made during the inaugural board meeting held on Wednesday, June 26, 2024, under the leadership of Board Chairman Mr. Jim Ovia. The approval was announced in a late Wednesday statement from the agency’s X account, signed by Nasir Ayitogo, the Head of Media and Public Relations.
The press release, titled “NELFUND Holds Inaugural Board Meeting as Student Loan Disbursement Tops Agenda,” detailed the outcomes of the meeting.
It was attended by NELFUND’s management and representatives of member organizations, who discussed future initiatives to enhance educational opportunities and support students across various disciplines.
The approval of these loans represents a crucial step towards empowering the next generation of leaders through education.
The statement emphasized the alignment of this phase with the presidency’s vision of improving the quality of education and making it accessible to all. It highlighted President Bola Ahmed Tinubu’s commitment to providing timely and essential financial assistance to students in need, enabling them to pursue their educational goals without financial stress.
In addition to Mr. Jim Ovia, the meeting was attended by NELFUND’s Managing Director/CEO, Mr. Akintunde Sawyerr, and other representatives of member organizations. The approval for the immediate disbursement of the loans signifies NELFUND’s dedication to its mission of supporting education and empowering future leaders.
This initiative follows the signing of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law by President Tinubu on April 3, 2024. The registration for the program began in May, with 1.2 million students in federal tertiary institutions across the country participating in the first batch.
