The Federal Government has made a major move towards expanding educational opportunities in Nigeria, Via the Nigerian Education Loan Fund (NELFUND).
NELFUND has approved student loan disbursements for five tertiary institutions in the South-East, alongside 35 other institutions across the country.
This is part of the second phase of loan disbursements aimed at supporting students in need of financial assistance to complete their education.
NELFUND, in a statement released on Friday, “The South-East institutions benefiting from this initiative include Federal Polytechnic, Nekede (Imo State), Ebonyi State University, Abia State University, Michael Okpara University of Agriculture (Umudike), and Alex Ekwueme Federal University (Anambra State).”
According to the agency, a total of N2.1 billion Naira was disbursed to an additional 40 tertiary institutions, increasing the total number of beneficiaries to 59 institutions nationwide.
This disbursement is part of the N50 billion Naira allocated in the 2024 fiscal year budget for the student loan scheme.
The initiative seeks to ensure that Nigerian students across the country have access to the financial support they need to pursue higher education, regardless of their economic backgrounds.
The Spokesperson of the agency stated: “This expansion marks a notable milestone in NELFUND’s ongoing commitment to providing access to quality education for all Nigerian students, regardless of their financial circumstances,”. As this is the government’s vision of making education more accessible for all.
In the first phase NELFUND had disbursed N1.17 billion Naira to cover institutional fees for 20,000 student beneficiaries.
The student loan scheme has continued to grow according to NELFUND, offering more students the chance to complete their studies without the burden of financial hardship.
The inclusion of five tertiary institutions in the South-East came as a result of the criticism from the Ohanaeze Ndigbo Youth Council Worldwide, a prominent Igbo socio-cultural organization, who expressed their disappointment over the exclusion of South-East institutions from the first phase of the loan scheme disbursement.
The NELFUND is ongoing and more students from across the nation can now look forward to receiving the financial help they need to achieve their academic dreams.
You can get more information on how to apply for the loan by clicking on – NELFUND
