The Nigerian Education Loan Fund has approved the disbursement of student loans to successful applicants.
NELFUND held its inaugural board meeting on Wednesday, marking a significant milestone in its mission to provide financial aid to students.
Led by Chairman Mr. Jim Ovia, the board approved the immediate disbursement of loans to successful applicants.
A statement released late Wednesday on the agency’s X account confirmed this.
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.
The meeting, attended by the fund’s management and representatives from member organizations, also established the foundation for future initiatives aimed at enhancing educational opportunities and supporting students across various disciplines.
The approval of these loans by NELFUND represents a step towards empowering the next generation of leaders through education.
The statement read, “The Nigerian Education Loan Fund (NELFUND) on Wednesday, June 26, 2024 held the inaugural meeting of its board in Abuja.
“The meeting marked a significant milestone in the organisation’s commitment to empowering students through financial support.
“Under the leadership of of the Board Chairman, Mr. Jim Ovia, top in agenda was the approval for disbursement of student loan to successful applicants.”
According to the statement, this phase align with the presidency’s dream of improving the quality of education and making it affordable for all.
“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 taking a critical step in fulfilling its mission to support education and empower the next generation of leaders.
“Also present at the meeting were the management of the fund led by the Managing Director/CEO, Mr Akintunde Sawyerr and representatives of member organisations,” it concluded.
On April 3, 2024, 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 from federal tertiary institutions across the country forming the first batch.
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