The Nigerian Education Loan Fund(NELFUND) says it has disbursed a total of N1.17 billion to 20,000 students in five of the public tertiary institutions that applied for the loan. The Managing Director of NELFUND, Akintunde Sawyerr, disclosed this at a news conference in Abuja on Wednesday.

GALAXY TV reports that Sawyerr, who said that, one more institution would be added to the beneficiaries before the end of the day, noted that NELFUND would keep increasing the number based on applications.

According to him, the fund is working on reviewing another 100 institutions whose application had been received.
He disclosed that Disbursement to other institutions will be made at the beginning of their sessions, to ensure a transparent and equitable distribution of resources, noting that, an additional disbursement of N850 million would leave NELFUND to various institutions due to receive the loans.

Sawyerr also disclosed that a total of 260,000 students had been approved for payment of upkeep loans and their institutions’ charges just as he revealed that the upkeep loan and institution charges for each student is N250,000 per annum.

When asked if the loans could be given to Post Graduate students, Sawyerr said the mandate of the fund focuses on undergraduate students with the least opportunities.