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This was revealed in Abuja by Akintunde Sawyer, the Fund's managing director, during a House of Representatives Committee on Student Loans and Higher Education Financing oversight visit.
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According to him, of the 610, 000 applications the agency has received so far, 321 000 have been processed, some of which have been accepted and forwarded to the institutions for verification.
Sawyer went on to say that 120,000 people have received stipends, while the agency had received 400,000 registrations.
He went on to say that the agency is dedicated to making sure that loan disbursements are equitable in all areas and processes more than 2,000 applications every day. He also revealed that 52,000 more loans were authorized for distribution to both individuals and organizations last week.
Sawyerr emphasized the difficulties the agency has and said there was a potential for fraud when running a fund of this magnitude without in-person contacts.
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"To mitigate this, the agency carefully reviews each application individually," he said. As of right now, we have examined 610,000, and we have reviewed 321,000 applications, some of which we have accepted and forwarded to the relevant institutions for validation.
As you are all aware, we also provide stipends; therefore, last week we authorized an additional 52 institutions for payment and disbursement to both the institutions and the individuals.
"A student must register before they may apply for a loan. Just over 400,000 people have registered. Simply saying, "I am here, and these are all my validation checks," is how the registration process works. It ends before they submit an application for the loan.
"Exposure is roughly 12 billion in terms of what we have already disbursed. That figure will rise to roughly 20 billion if we make any additional disbursements this week, in my opinion. There are around 120,000 people who have received or will soon receive stipends.
Along with acknowledging areas for improvement, he promised the committee's ongoing supervision and support.
Isiaka remarked that the student loan program was a good move on the part of the administration.
He emphasized the need for more awareness-raising, especially in southern Nigeria, where fewer applications were received than anticipated.
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