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Over ₦11 Billion Disbursed to Support 105,000 Nigerian Students Through NELFUND

Published by Tope Fakinlede on November 7th, 2024.

Over ₦11 Billion Disbursed to Support 105,000 Nigerian Students Through NELFUND

The NELFUND (National Education Loan Fund) student loan initiative is a government-backed program designed to provide financial support to students in Nigeria who may face challenges in affording the cost of higher education.

Here’s a breakdown of the update provided:

1. 98 Institutions Benefiting: The loan scheme has expanded, with 98 higher learning institutions across Nigeria’s six geo-political zones now part of the program. This includes universities, polytechnics, and other tertiary institutions.

2. 105,844 Students Supported: As of now, over 105,000 students have received financial assistance through the loan program. This support helps them to cover tuition fees, academic materials, and other education-related costs, making education more accessible to those who might otherwise be unable to afford it.

3. ₦11,047,793,949.80 Disbursed: The total amount disbursed to date under the NELFUND program has reached over ₦11 billion. This substantial sum reflects the government’s commitment to empowering students and ensuring that financial constraints do not hinder their educational progress.

The Impact:

The NELFUND student loan disbursement plays a crucial role in Nigeria’s education system by reducing the financial barriers that many students face, particularly those from lower-income backgrounds. By providing interest-free loans with flexible repayment terms, the initiative offers a lifeline to students across the country, ensuring they have the financial support needed to complete their studies.

These efforts align with Nigeria’s broader educational goals of improving access to education, reducing the dropout rate, and fostering a generation of educated individuals who can contribute to the country’s growth and development.