- Six federal universities receive over N2 billion in student loan funds.
- Disbursement covers institutional fees for more than 20,000 students.
- Additional institutions to receive funds as new academic sessions commence.
The Nigerian Federal Government has initiated the first phase of its student loan program, distributing over N2,026,163,340 to six prominent universities.
These funds, allocated by the Nigerian Education Loan Fund (NELFUND), aim to cover institutional fees for over 20,000 students as the new academic sessions begin at the University of Ibadan, Bayero University Kano, University of Ilorin, University of Benin, University of Maiduguri, and Federal University Dutsinma, Katsina State.
Nigerian Education Loan Fund Disburses Over N2 Billion to Universities
NELFUND’s Head of Media and Public Relations, Nasir Ayitogo, confirmed the disbursement and mentioned that additional funds would soon be allocated to other institutions. This initial phase of the program is expected to benefit 1.2 million students from various federal and state universities, polytechnics, and colleges of education across Nigeria.
The decision to disburse funds to these specific universities was due to their commencement of new academic sessions. Nasir Ayitogo, Head of Media and Public Relations at NELFUND, indicated that the remaining universities in their pool would receive funds as their academic sessions begin. This structured approach ensures that the financial aid reaches students promptly and efficiently.
The student loan program is part of a broader initiative by the Nigerian government to alleviate financial barriers to higher education. With 1.2 million students expected to benefit from this phase, the program aims to significantly reduce the economic strain on families and enhance access to quality education across the country. This initiative underscores the government’s commitment to education as a critical component of national development.
As the program progresses, NELFUND plans to monitor and assess the impact of these funds on student enrollment and retention rates. This data-driven approach will help refine and improve future disbursements, ensuring that the financial aid reaches those most in need and maximizes its positive impact on the educational sector.
The Nigerian Federal Government’s student loan program marks a significant step towards improving access to higher education. With over N2 billion already disbursed to six universities, the initiative promises to support thousands of students and alleviate the financial burden on families, fostering a more inclusive and educated society.
“Education is the most powerful weapon which you can use to change the world.” — Nelson Mandela
