The Nigerian Education Loan Fund (NELFUND) has approved the disbursement of student loans to successful applicants. This decision was made during NELFUND’s inaugural board meeting held on Wednesday.
The board, chaired by Mr. Jim Ovia, marked this milestone with a decision to immediately release funds to students in need of financial support.
This announcement was made in a statement released late Wednesday on NELFUND’s X account. The press release, titled “NELFUND Holds Inaugural Board Meeting as Student Loan Disbursement Tops Agenda,” was signed by Nasir Ayitogo, Head of Media and Public Relations.
Attendees at the meeting included the fund’s management team, led by Managing Director/CEO Mr. Akintunde Sawyerr, and representatives from member organisations. The meeting not only focused on loan disbursement but also laid the groundwork for future initiatives aimed at enhancing educational opportunities across various disciplines.
The approval of these loans represents a crucial step in NELFUND’s mission to empower the next generation of leaders through education. The statement emphasised, “Under the leadership of Board Chairman Mr. Jim Ovia, the top agenda item was the approval for the disbursement of student loans to successful applicants.”
This initiative aligns with President Bola Ahmed Tinubu’s vision of improving the quality and affordability of education for all. The statement continued, “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 fulfilling its mission to support education and empower future leaders. The meeting’s conclusion also highlighted the presence of key management and representatives, reinforcing the collaborative effort to advance educational opportunities.
President Tinubu had previously signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law on April 3, 2024. Registration for the programme began in May, with 1.2 million students from federal tertiary institutions across the country participating in the first batch.
