NELFUND: ₦54bn disbursed under student loan scheme
The Nigeria Education Loan Fund has disbursed 54 billion naira so far with over 293,000 students and 300 schools as beneficiaries under the student loan scheme across the country. That’s according to Akintunde Sawyerr, Managing Director and CEO of NELFUND following his appearance before the House of Representatives on the details of the disbursements. He joins CNBC Africa for more.
Thu, 08 May 2025 11:43:08 GMT
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AI Generated Summary
- The Nigeria Education Loan Fund has disbursed over 54 billion naira to support students and schools nationwide.
- The fund has received 203 billion naira from government sources and is committed to transparency in its disbursement process.
- Efforts are underway to automate verification processes with institutions to improve efficiency and effectiveness.
The Nigeria Education Loan Fund has reached a significant milestone, with over 54 billion naira disbursed under the student loan scheme, benefiting more than 293,000 students and 300 schools across the country. Akintunde Sawyerr, the Managing Director and CEO of NELFUND, recently appeared before the House of Representatives to provide transparency on the disbursements. In a recent interview with CNBC Africa, Sawyerr discussed the breakdown of the funds and the progress made in automating the disbursement processes. The disbursements are split between two lines of loans. One line involves direct transfers to institutions where students are enrolled, while the other provides upkeep and pocket money for individual students. The fund has received a total of 203 billion naira from various government sources, including appropriations and proceeds from the EFCC. Sawyerr highlighted the thorough scrutiny by the House of Representatives and emphasized the fund's commitment to transparency and accountability. In response to concerns about automation, Sawyerr explained that the loan application process is already digital, with plans to further automate verification processes with educational institutions to streamline the disbursement system. Overall, the Nigeria Education Loan Fund continues to navigate challenges and work towards improving accessibility to education through financial support.
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