The Nigerian Education Loan Fund has successfully disbursed N20,000 monthly stipends to 20,371 students from six tertiary institutions in July. The institutions include Bayero University Kano, Federal University Dutsin-Ma, University of Ilorin, University of Benin, University of Ibadan, and the University of Maiduguri. The fund, headed by Ibom Uche, is now working on extending the payment process to students from an additional 55 tertiary institutions, ensuring prompt stipend delivery.
President Bola Tinubu has further committed N50 billion towards the student loan cause, utilizing recovered proceeds of crime. Tinubu’s student loan scheme is a flagship project in the education sector, implemented shortly after his inauguration as president. The Access to Higher Education Act, signed by Tinubu, allows for granting loans to indigent or low-income Nigerians for fee payment in tertiary institutions, with the creation of the Nigerian Education Loan Fund.
NELFUND is responsible for managing loan requests, grants, disbursement, and recovery, funded through various streams as per the Act. The fund is also set to engage in productive activities to support education financing in Nigeria.