20,371 STUDENTS FROM SIX UNIVERSITIES RECEIVE MONTHLY STIPEND - NELFUND

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The Nigerian Education Loan Fund on Monday announced the successful disbursement of N20,000 monthly stipends for July to 20,371 students from six tertiary institutions.

According to a statement released by the Fund in Abuja, the institutions are as follows: Bayero University Kano; Federal University, Dutsin-Ma; University of Ilorin; University of Benin; University of Ibadan; and University of Maiduguri.

The statement, issued by the Director of Finance of NELFUND, Ibom Uche, stated that the Fund is working to begin the payment process for students from roughly “55 additional tertiary institutions.”

“It is anticipated that this will be concluded within the next two weeks as the fund is committed to ensuring that all eligible students receive their stipends promptly.”

The statement further noted that the President Bola Tinubu on Sunday, further committed the sum of N50bn to the student loan cause.

“It is noteworthy that the President only Sunday committed a further 50 billion Naira from recovered proceeds of crime.”

The implementation of the student loan scheme is President Bola Tinubu’s flagship project in the education sector.

Tinubu signed the Access to Higher Education Act less than a month after taking office, which establishes a legislative framework for awarding loans to impoverished or low-income Nigerians to help them pay their tuition at Nigerian postsecondary institutions.

The Nigerian Education Loan Fund was established under the law, which was reenacted earlier this year.