Following its inaugural board meeting on Wednesday, the Nigerian Education Loan Fund (NELFUND) has begun the disbursement of student loans to successful applicants.
The meeting, presided over by former Chief Executive Officer of Zenith Bank Plc, Mr Jim Ovia, approved the immediate disbursement of student loans and also sought future initiatives to enhance educational opportunities and support students across various disciplines.
NELFUND’s approval of the loans signals a step towards empowering the next generation of leaders through education.
Following the approval, NELFUND issued a statement stating that “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.” It added.
President Tinubu had on April 3, 2024, signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.
The registration for the programme took off in May with over a million students in federal tertiary institutions across the country.