The Nigerian Education Loan Fund reported on Monday that 20,371 students from six postsecondary institutions had successfully received their N20,000 monthly stipends for July.
The universities were named as follows in a statement issued by the Fund in Abuja: Federal University, Dutsin-Ma; University of Ilorin; University of Benin; University of Ibadan; Bayero University Kano; and the University of Maiduguri.
The statement which was signed by the Director of finance of NELFUND, Ibom Uche, said the Fund is working towards the commencement of the payment process for students from approximately, “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.”
“It is noteworthy that the President only Sunday committed a further 50 billion Naira from recovered proceeds of crime.”
President Bola Tinubu’s premier initiative in the field of education is the rollout of the student loan program.
Tinubu signed the Access to Higher Education Act, which establishes a legal framework for lending money to low-income or destitute Nigerians to help them pay for their tuition at tertiary institutions in the country, barely one month after taking office.
This law established the Nigerian Education Loan Fund and was reenacted earlier this year.
The burden of managing all loan requests, grants, payouts, and recovery falls on NELFUND.
The Act states that the Fund will carry out other beneficial endeavors and receive funding from a variety of sources.
