Last Updated on October 17, 2024 by Timileyin Awogbade
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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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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He gave Nigerian students the assurance that NELFUND is not experiencing a shortage of funds because the presidency has provided more than enough resources.
Timileyin Awogbade
Timileyin Awogbade is a journalist, seasoned copywriter, expert editor, and experienced content creator at Dailylight Channel with over 5 years of experience in writing, content strategy, and SEO.