The Nigerian Education Loan Fund (NELFUND) has approved the disbursement of student loans to successful applicants.
On Wednesday, NELFUND had its maiden board meeting, marking a significant milestone in the organisation’s objective to assist students with financial help.
Under the direction of Chairman Jim Ovia, the board approved the prompt disbursement of student loans to successful candidates.
A late Wednesday statement released from the agency’s X account confirmed this.
The press release was titled, “NELFUND Holds Inaugural Board Meeting as Student Loan Disbursement Tops Agenda.”
It was signed by Nasir Ayitogo, Head of Media and Public Relations.
The conference, which was attended by the fund’s administration and officials from member organisations, also laid the framework for future initiatives to improve educational opportunities and support students in a variety of fields.
The approval of the loans by NELFUND represents a step towards empowering the next generation of leaders through education.
The statement read, “The Nigerian Education Loan Fund (NELFUND) on Wednesday, June 26, 2024 held the inaugural meeting of its board in Abuja.
“The meeting marked a significant milestone in the organisation’s commitment to empowering students through financial support.
“Under the leadership of the Board Chairman, Mr. Jim Ovia, the top item on the agenda was approval for the disbursement of student loans to successful applicants.”
According to the statement, this phase aligns with the presidency’s dream of improving the quality of education and making it affordable for all.
“This decision underscores President Bola Ahmed Tinubu’s dedication to providing timely and essential financial assistance to students in need, enabling them to pursue their educational goals without undue financial stress.
“By approving the immediate disbursement of the loans, NELFUND is taking a critical step in fulfilling its mission to support education and empower the next generation of leaders.
“Also present at the meeting were the management of the fund led by the Managing Director/CEO, Mr. Akintunde Sawyerr, and representatives of member organisations,” it concluded.
On April 3, 2024, Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.
Registration for the scheme began in May with 1.2 million students from federal tertiary institutions across the country, marking the first cohort.
