The management of the Nigeria Education Loan Fund (NELFUND) has finally addressed the rumors of whether student loans monthly have been canceled or not. Akintunde Sawyeer said the monthly stipend upkeep payment is still intact. "The Presidency has provided enough resources to cater to all the applicants, he said.
According to the managers of the Nigerian Education Loan Fund (NELFUND), approximately N10 billion in loans have been given to 40,000 students nationwide thus far.
This was revealed by NELFUND's managing director, Akintunde Sawyerr, on a Channels Television interview on Politics Today.
He said that 280,000 of the 370,000 students who have registered on the NELFUND platform are looking to apply for loans.
He continued by noting that 89,000 students are still unsure after logging on to the portal but not finishing the application procedure. The Fund interacts with students digitally rather than in person. Institutional and upkeep loans are available to students attending universities, polytechnics, and institutions of education, he claims.
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When discussing the loan disbursement mechanism, Sawyerr clarified that upkeep fees are paid every month, whereas institutional fees are paid on a per-session basis.
To further demonstrate its commitment to providing education to underprivileged students throughout Nigeria, NELFUND has pledged to pay N30 billion in institutional loans and N60 billion for student upkeep.
As things are, students are given a N20,000 monthly stipend to help cover living expenses; however, the NELFUND is working to raise this amount in the future.
"We have committed to paying between 30 and 60 billion in upkeep fees," he said.
NELFUND is working with banks to establish a secure environment, especially to handle potential issues with internet exclusion, to guarantee the security of the funds, and to prevent the dangers connected with manual processes.
Sawyerr emphasized, "We are cautious about going manual because of the danger of handling large sums of money."
Regarding the payment delay, he said that although there is occasionally a delay in the procedure, this is because of verification procedures.
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As things are, students are given a N20,000 monthly stipend to help cover living expenses; however, the NELFUND is working to raise this amount in the future.
"We have committed to paying between 30 and 60 billion in upkeep fees," he said.
Sawyerr emphasized, "We are cautious about going manual because of the danger of handling large sums of money."
Regarding the payment delay, he said that although there is occasionally a delay in the procedure, this is because of verification procedures.
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According to Sawyerr, "We send the list of applications to the institutions to confirm the studentship, and sometimes there is a delay in this process."
He gave Nigerian students the assurance that NELFUND is not experiencing a shortage of funds because the presidency has provided more than enough resources.
He gave Nigerian students the assurance that NELFUND is not experiencing a shortage of funds because the presidency has provided more than enough resources.
"NELFUND goal is to enroll as many students as we can, particularly those who are struggling financially so they can finish their education," Sawyerr stated.
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