Nigerian Educational Loan Fund to Disburse N850 Million Today

According to the Nigerian Educational Loan Fund, N850 million in tuition will be paid to institutions today, Wednesday, July 31. This was disclosed during a press conference held in Abuja by Akintunde Sawyer, the managing director of the Nigeria Educational Loan Fund (NELFUND).

“This loan is not the same as the more than N1.7 billion given to roughly 20,000 students,” Sawyer clarified. “The sum of N850M will be leaving the account of NELFUND today to institutions. This is apart from the N1.7Bn naira that has already been disbursed.”

Sawyer further mentioned that the Federal Government scheme is expected to help at least 1.2 million students, with a total of 260,000 loans—including maintenance and institutional fees—having been approved. On April 3, President Bola Tinubu signed the legislation approving the plan.