The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of ₦8,202,950.00 to 199 beneficiaries at the Division of Agricultural Colleges, Ahmadu Bello University (ABU), Zaria, Kaduna State.
Making the announcement on Friday, NELFUND said the disbursement underscores its continued commitment to supporting educational institutions and empowering individuals through targeted funding.
The NELFUND is a pivotal financial institution established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024.
It was signed into law by President Bola Tinubu on 3 April 2024, marking a historic step towards ensuring sustainable higher education and functional skill development for Nigerian students and young people.
It was also created to address the shortcomings of the previous Student Loan Act of 2023, which faced challenges related to governance, management, loan purposes, eligibility criteria, application methods, repayment provisions, and loan recovery.
The primary objective of NELFUND is to provide financial support to qualified Nigerians for tuition and other fees, charges, and upkeep during their studies in approved tertiary academic institutions and vocational and skills acquisition institutions within Nigeria.
Additionally, NELFUND introduced a student loan repayment strategy with flexible plans based on graduates’ income levels, grace periods before repayment starts, and loan consolidation options.
This approach, it said, aims to ease the financial burden on graduates and improve loan recovery rates.
(Guardian)
