The Nigerian Education Loan Fund (NELFUND) has made significant strides in supporting tertiary education by disbursing a total of N23 billion to 128 institutions and individuals. Of this amount, N18 billion was allocated for institutional fees, while N5 billion was designated for student upkeep. This latest round of funding comes as NELFUND continues to address the financial needs of students and educational institutions across Nigeria. In total, 326,000 individuals applied for loans, which are intended to cover tuition and living expenses. NELFUND operates on an annual application basis, with funding sourced from 1% of collections by the Federal Inland Revenue Service (FIRS). Additionally, the fund has received N50 billion from the Economic and Financial Crimes Commission (EFCC) and N71 billion from the Tertiary Education Trust Fund (TETFund) to bolster its initiatives.
The recent disbursement will benefit over 20,000 students, with Bayero University Kano receiving the largest share of N853,775,000. Other institutions that benefited include the University of Lagos, Ahmadu Bello University, University of Nigeria, and Obafemi Awolowo University. The University of Benin received N24,412,500, the smallest amount among the recipients. NELFUND has also started disbursing funds for student living expenses, allocating N442,400,000 for July alone, which will support all 22,120 students across the twelve institutions involved. The loans provided by NELFUND are repayable two years after the National Youth Service Corps (NYSC), contingent on employment, with employers required to repay 10% of their employees' salaries to the fund. This comprehensive approach underscores the Nigerian government's commitment to enhancing the academic success and well-being of students in government institutions [173e69f9] [7a1ce371] [99526ebc].