The Nigerian Education Loan Fund (NELFUND) has approved the release of student loans to qualified applicants, enabling them to pursue their academic goals without financial constraints.
During its historic first board meeting on Wednesday, the fund took a significant step towards empowering students by approving the disbursement of financial aid.
Under the leadership of Chairman Mr. Jim Ovia, the board approved the immediate disbursement of student loans.
A late Wednesday statement from the agency’s X account confirmed this development.
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 NELFUND’s management and representatives of member organizations, also set the stage for future initiatives aimed at enhancing educational opportunities and supporting students across various disciplines.
The approval of these loans aligns with the presidency’s vision of improving the quality of education and making it more affordable.
The statement highlighted President Bola Ahmed Tinubu’s dedication to providing essential financial assistance to students, 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 toward fulfilling its mission of empowering the next generation of leaders through education.
The meeting was also attended by the fund’s Managing Director/CEO, Mr. Akintunde Sawyerr, as well as representatives from various member organizations, and this landmark decision demonstrates a steadfast commitment to ensuring that higher education is within reach for everyone, regardless of financial background.
President Tinubu’s signing of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law on April 3, 2024, marked a significant milestone, and registration for the program began in May, with 1.2 million students in federal tertiary institutions being the first to benefit.
