Student Loan: NELFUND Grants N20,000 Monthly Stipends to 20,000

Student loan program by NELFUND grants N20,000 monthly stipends to more than 20,000 students. Find out how this benefits students.

According to Uche, NELFUND is working tirelessly towards initiating payment for students from about 55 more tertiary institutions.

He stated that the fund’s goal of guaranteeing prompt stipend disbursement to all eligible beneficiaries remains unchanged and expects this exercise to be completed within two weeks.

He affirmed that the organization remains unwavering in its aim to facilitate the academic pursuits of Nigerian scholars, by bestowing monetary aid for attendance at eligible learning institutions and ensuring prompt disbursement of allowances for routine expenditures.

NELFUND has recently revealed information regarding the allocation of N2 billion as institutional fees to six tertiary institutions.

As per reports from the agency’s X handle, a total sum of N853 million was disbursed to Bayero University in Kano while N589 million went towards supporting the University of Maiduguri.

In addition, Federal University at Dutsin-ma situated in Katsina State received a disbursement amounting to N304 million and allocated funds worth upN201 Million were granted for operations undertaken by The University Of Ibadan.

Meanwhile,the remaining fundings included an allotment totaling approximately; 52million naira which supported projects executed under TheUniversityOfIlorinand24millionnairawhichwasdisbursedtowardsprogramsundertakenbyTheUniversityofBenin respectivelyępportedcontains olduage

It should be noted that NELFUND had allocated a sum of N2.5 billion to support the educational pursuits of 22,120 pupils enrolled in twelve tertiary institutions.

This amount encompasses payment for institutional fees for six establishments accommodating around 20,000 students and disbursement of upkeep stipends which amounted to approximately N442 million last July.

The disbursements of the fund correspond to the academic schedule of each institution and have the objective of alleviating financial strains on students and their families, fostering a concentration on studies.