The Nigerian Education Loan Fund (NELFUND) has disbursed N322 billion in student loans since the commencement of the scheme, benefiting more than 1.6 million students across the country.
The Independent Mirror reports that the Managing Director/Chief Executive Officer of NELFUND South-South, Akintunde Sawyer, disclosed this in Uyo, Akwa Ibom State, during the National Sensitisation Programme on NELFUND for the South-South region.
Sawyer, who was represented by the Director of Human Resources, Dr Zino Ugboma, said 319 tertiary institutions across Nigeria had so far benefited from the scheme.
He explained that the loan programme was introduced to remove financial barriers that could prevent qualified students from accessing tertiary education.
“We have provided funds to 319 tertiary institutions in Nigeria that have benefited from NELFUND. We have 1.6 million-plus beneficiaries and, as of this month, N322 billion has been released from NELFUND,” he said.
Giving a breakdown of the fund’s impact in Akwa Ibom State, Sawyer said 24,283 students had applied for the loan since its inception, with beneficiaries receiving a total of N2.1 billion.
He added that N1.2 billion had been deposited for students of the University of Uyo.
The NELFUND chief executive commended the 10th Senate for its commitment to expanding access to quality tertiary education and for supporting the implementation of the student loan scheme.
In his goodwill message, Akwa Ibom State Governor, Pastor Umo Eno, said the state government had complemented President Bola Ahmed Tinubu’s Renewed Hope Initiative through its ARISE agenda.
Eno, who was represented by the Commissioner for Education, Prof. Ubong Umoh, said the state government had continued to support students through bursaries and other educational interventions.
He disclosed that N1.3 billion was recently released for students of Akwa Ibom State origin, while the bursary allowance was increased from N20,000 to N50,000 per student.
The governor also highlighted the construction of 31 model primary schools and three model secondary schools, as well as the expansion of academic programmes in tertiary institutions across the state.
According to him, the number of programmes offered by the state’s tertiary institutions increased from 43 when his administration assumed office to 84, resulting in a significant increase in student enrolment and the need for additional educational support.
Also speaking, the Vice Chancellor of the University of Uyo, Prof. Christopher Ekong, expressed appreciation to the Senate Committee on Tertiary Institutions for bringing the NELFUND sensitisation programme to the university.
He expressed optimism that the programme would further educate students about the loan scheme and enhance access to financial support for their education.
