The federal government has announced the disbursement of N32.8 billion to over 169,000 indigent students through the Nigerian Education Loan Fund (NELFUND). This initiative is part of President Bola Ahmed Tinubu's administration efforts to ensure that no Nigerian child is unable to attend a higher institution due to poverty.
According to the Minister of Information and National Orientation, Alhaji Mohammed Idris, N20 billion was spent on school fees, while N12.8 billion was allocated for student allowances. The minister emphasized that the program is transparent, straightforward, and can accommodate as many qualified individuals as possible.
Key Highlights of the Student Loan Scheme are, students admitted to federal universities, polytechnics, colleges of education, or technical colleges are eligible to apply. The loans are interest-free, with tuition fees paid directly to institutions and monthly stipends provided for upkeep. The entire application process is conducted online, ensuring convenience and efficiency. The program aims to support students throughout their academic journey, providing assurance of subsequent year funding upon enrollment.
The federal government has made provisions for 500,000 people under the student loan scheme, with only 169,000 captured so far, leaving room for more qualified individuals to benefit from the program.