NELFUND Approves Student Loan Disbursement

 

NELFUND Board Chairman, Mr. Jim Ovia

The Nigerian Education Loan Fund (NELFUND) has approved the disbursement of student loans to successful applicants. This milestone was achieved during NELFUND's inaugural board meeting on Wednesday, signaling a significant step in the organization's mission to provide financial aid to students.

Key Highlights

• Leadership and Approval: The board, led by Chairman Mr. Jim Ovia, approved the immediate disbursement of student loans to eligible applicants.
• Official Statement: A late Wednesday statement, obtained from the agency’s X account, announced the decision under the title, “NELFUND Holds Inaugural Board Meeting as Student Loan Disbursement Tops Agenda.” It was signed by Nasir Ayitogo, Head of Media and Public Relations.
• Meeting Details: The meeting in Abuja included NELFUND’s management and representatives from member organizations, laying the groundwork for future initiatives to support educational opportunities across various disciplines.
• Empowering Students: The loan approval aligns with President Bola Ahmed Tinubu’s vision to improve education quality and affordability, providing essential financial assistance to students in need.

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Official Statement

"The Nigerian Education Loan Fund (NELFUND) on Wednesday, June 26, 2024, held the inaugural meeting of its board in Abuja. This meeting marked a significant milestone in the organization’s commitment to empowering students through financial support. Under the leadership of the Board Chairman, Mr. Jim Ovia, the top agenda was the approval for disbursement of student loans to successful applicants."

Presidential Support

This initiative underscores President Bola Ahmed Tinubu's dedication to providing timely and essential financial assistance to students, enabling them to pursue their educational goals without undue financial stress.

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Future Steps

By approving the immediate disbursement of the loans, NELFUND is taking a critical step towards fulfilling its mission to support education and empower the next generation of leaders. The meeting also saw the participation of the fund’s Managing Director/CEO, Mr. Akintunde Sawyerr, and representatives of member organizations.

Background

On April 3, 2024, President Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law. Registration for the program began in May, with 1.2 million students in federal tertiary institutions across the country joining the first batch.