The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has disclosed that the Fund has disbursed student loans to 265 tertiary institutions, covering about 1.5 million applications nationwide.
Sawyerr made this known on Tuesday during an interview on Arise Television, where he highlighted the progress and challenges of implementing the Federal Government’s student loan scheme.
He explained that the initiative was created to provide interest-free loans to Nigerian students, enabling them to access and complete tertiary education without financial hardship.
According to him, the Fund is focused on ensuring that qualified students are able to remain in school and graduate, particularly those who may have been unable to pursue higher education or were at risk of dropping out due to lack of funds.
“The scheme was designed to provide students with interest-free loans so that those who have the capacity and desire to pursue tertiary education can remain in school and complete their studies,” Sawyerr said.
He noted that the disbursement process involves strict verification procedures to ensure transparency and accountability in the management of public funds.
“These systems require proper processes when disbursing government funds. It is important that we follow approved procedures to prevent any misappropriation,” he added.
Sawyerr also acknowledged delays in some cases due to the complexity of verifying applications, noting that the Fund is engaging with tertiary institutions to allow students who applied late to still participate in academic activities, including examinations.
He reaffirmed that the welfare of Nigerian students remains a priority, stressing that the loan scheme is intended to expand access to education and support the country’s youth in achieving their academic goals.
He confirmed that, so far, payments have been made to 265 institutions in respect of approximately 1.5 million student loan applications.
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