NELFUND to Notify Successful Loan Applicants Next WeekNELFUND to Notify Successful Loan Applicants Next Week The Nigerian Education Loan Fund (NELFUND) has announced that successful loan applicants will receive notifications starting next week. This includes students of colleges who are starting new academic sessions. NELFUND Managing Director Akintunde Sawyerr revealed this on Channels Television’s Politics Today program. He stated that those commencing new sessions will receive loan notifications first. Other successful candidates will receive theirs once their academic sessions begin. According to Sawyerr, 170,000 applicants from various educational institutions have accounts with NELFUND, with 110,000 completing the process. Institutions and students will benefit from the loans, with institutions receiving payments on behalf of approved applicants and students receiving monthly stipends. Sawyerr emphasized that the program aims to equip Nigeria with “better leadership for the future and improving the socio-economic situation of the country.” To be eligible for disbursements starting next week, applicants must meet certain criteria, including having a Joint Admissions and Matriculation Board (JAMB) number, matric number, Bank Verification Number (BVN), and National Identification Number (NIN). NELFUND’s current exposure to students stands at N35 billion, with additional funding on the way. The fund receives 1% of taxes from the Federal Inland Revenue Service, along with contributions from other sources.
Students of colleges who successfully applied for the Federal Government loan scheme and are commencing new academic sessions will receive loan notifications from next week, NELFUND Managing Director Akintunde Sawyerr said.
He announced this on Wednesday on Channels Television’s Politics Today programme.
“The people who will be notified first next week are the people who are about to start a new session at the facility they are in,” Sawyerr said.
He added that other successful candidates will receive their credit notifications once the academic sessions commence at their respective institutions.
Sawyerr’s remarks followed the launch of the Nigerian Education Loan Fund (NELFUND) by President Bola Tinubu at the State House in Abuja.
According to Sawyerr, 170,000 applicants from universities, colleges and educational institutions have an account with NELFUND and 110,000 of them have completed the process.
The NELFUND General Manager explained that there are two types of beneficiaries: the institutions, which receive payments on behalf of those who have submitted successful applications, and the students themselves, who receive a monthly stipend.
“A formal launch of the disbursement circle took place at State House on Wednesday,” he said. Sawyerr stressed that the programme is aimed at equipping Nigeria with “better leadership for the future and improving the socio-economic situation of the country.”
“To be precise, about 110,000 students have successfully applied. They have submitted their applications and verified as bona fide and eligible applicants. But we will do more verifications to ensure that they are well qualified to receive these loans. But more than 110,000 are likely to receive disbursements starting next week,” he said.
“It’s one thing to get approved for the loan, it’s another thing to start receiving value. This loan is for those who are starting up institutions again or for those who are already there.”
Sawyerr said every applicant must have, among other things, a Joint Admissions and Matriculation Board (JAMB) number, matric number, Bank Verification Number (BVN) and National Identification Number (NIN).
“The current exposure to students is about N35 billion. We have much more than that in our accounts that we can disburse, and we also have some funding on the way. Remember, we get 1% of taxes from the Federal Inland Revenue Service and we can also receive funding from other sources,” the NELFUND boss explained.
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