The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of N366million in student loans to students in three schools.
The beneficiaries are students of the Federal College of Education, Kontagora, Niger State, Joseph Sarwuan Tarka University, Makurdi and Aliko Dangote University of Science and Technology, Wudil, Kano State.
A breakdown of the amount received by each school revealed the Federal College of Education, Kontagora, Niger State received ₦1,296,750 to cater for 15 students; Joseph Sarwuan Tarka University, Makurdi received ₦40,641,720 while Aliko Dangote University of Science and Technology, Wudil, Kano State received ₦324,150,222 to take care of 6,656 students.
Warning to Tertiary Institutions
In a related development, the Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, issued a stern warning to tertiary institutions that failed to inform students of loan disbursements made on their behalf.
Sawyerr who gave the warning on Thursday while addressing journalists in Abuja said recent findings by the Fund revealed that some institutions, after receiving student loan disbursements directly into their accounts, have continued to demand payment of institutional fees from the same students.
He threatened legal action against such institutions stating, “We will not hesitate to take legal action against any institution found engaging in such deceptive practices.”
Mr. Sawyerr called on all institutions to uphold transparency and collaborate with the Fund to ensure the efficient delivery of this national mandate as he reassured students and the public of its commitment to accountability, fairness, and the successful implementation of the student loan scheme nationwide.
“NELFUND exists to ensure no eligible Nigerian is denied the opportunity to pursue higher education due to lack of funds.
“We urge institutions to support this noble cause and avoid any actions that could undermine public trust or deny students their rightful support.” He concluded.
President Bola Tinubu enacted an initial version of the student loan policy in June 2023 to grant interest-free loans to students as part of his renewed hope agenda. The scheme which was to commence in October 2023 was repeatedly deferred until a re-enactment in April 2024.
NELFund thereafter opened the loan application portal in May 2024, at which time a pilot phase to serve federal tertiary institutions began.
