Tinubu Launches Nigerian Education Loan Fund Support for Students
President Bola Tinubu has launched the Nigerian Education Loan Fund (NELFund) to support students with school fees and stipends. With ₦35 billion approved for the scheme, 70,000 initial applicants will benefit. The launch saw over 110,000 loan applications on the portal already. This post covers the launch event, who attended, and how the fund aims to help over 1.2 million students in its first phase. Keep reading to learn how this initiative can benefit you.
The Nigerian Education Loan Fund (NELFund) has been launched, marking a significant step towards providing financial aid to students across the country. This initiative, spearheaded by President Bola Tinubu, aims to support the educational aspirations of thousands of Nigerian students.
| Information | Details |
|---|---|
| 🇳🇬 President | Bola Tinubu |
| 💰 Fund Name | NELFund |
| 🎯 Target | 70,000 students |
| 💵 Amount | ₦35 billion |
| 📅 Launch Date | Wednesday |
| 📝 Applications | 110,000+ received |
| 📚 Benefits | School fees, stipends |
| 🎓 Phase 1 | 1.2 million students |
Launch of the NELFund
The Nigerian Education Loan Fund (NELFund) was inaugurated by President Tinubu in the council chamber of the State House. The event saw the presence of prominent figures, including the leadership of the National Assembly, the Secretary to the Government of the Federation, several ministers, heads of agencies, and the board and management team of NELFund, led by board chairman Jim Ovia.
Key Highlights
- Initial Funding: President Tinubu approved ₦35 billion for the scheme’s take-off, targeting 70,000 initial applicants.
- Portal Launch: The portal has already received over 110,000 loan applications, as reported by the MD/CEO of NELFund, Akintunde Sawyerr.
- Symbolic Cheques: President Tinubu handed out symbolic cheques to students and institutions during the event.
Goals of the NELFund
The student loan scheme aims to provide comprehensive financial support to eligible students. This includes covering school fees and providing stipends to ensure that students can focus on their studies without financial worries. The initiative is expected to benefit over 1.2 million students in its first phase.
Approval and Disbursement
Jim Ovia, the board chairman, approved the disbursement of loans to successful applicants during the fund’s inaugural meeting in Abuja last month. This step ensures that the approved funds reach the students who need them the most.
For more details and updates on the Nigerian Education Loan Fund, visit the official NELFund portal.
This initiative represents a significant investment in the future of Nigerian education, aiming to support and empower students nationwide. Apply now and take the next step towards achieving your educational goals!