The management of the Nigerian Education Loan Fund (NELFUND) has announced the successful disbursement of N20,000.00 monthly stipends for July to 20,371 students from six tertiary institutions.
NELFUND under the leadership of Akintunde Sawyerr, the Managing Director, said the initiative has further underscored President Bola Ahmed Tinubu’s promised unwavering commitment to supporting Nigerian students by ensuring financial stability throughout their academic pursuit.
According to the Fund, students from the following institutions whose institutional fees have already been paid by NELFUND, have begun to receive July upkeep stipends are: Bayero University Kano; Federal University, Dutsin-Ma; University of Ilorin; University of Benin; University of Ibadan and University of Maiduguri.
A statement signed by the Director, Finance and Accounts, NELFUND, Mr. Ibom Uche, on Monday in Abuja said the Fund is diligently working to commence the payment process for students from approximately 55 additional tertiary institutions.
Uche said it was expected that this would be concluded within the next two weeks as the fund is committed to ensuring that all eligible students receive their stipends promptly.
“NELFUND remains steadfast in its mission to support the educational aspirations of Nigerian students by providing financial assistance for studies at qualifying institutions and ensuring the timely disbursement of stipends for day to day expenses.
“It is noteworthy that the President only Sunday committed a further 50 billion Naira from recovered proceeds of crime.
“NELFUND appreciates the patience and cooperation of students and institutions as the organisation works assiduously to fulfill its previous made commitments to Nigerian students,” the statement said.
The Fund explained that payment of upkeep stipend is for students who applied for it during application for the loans. Eligible students were given options of application for institutional fees only or institutional fees and upkeep stipend.
Managing Director, Mr. Akintunde Sawyerr, while providing explanation on two categories of the applications, noted that some students preferred loans for their institutional charges only in which case the money is paid directly to their institutions’ accounts.
He, however, noted for those who applied for both institutional charges and upkeep stipends, while the school fees are paid directly to their respective institutions, the upkeep stipend is paid to the beneficiary student account.
The Fund said the clarification was necessary to correct misgivings by some students that the entire loan amount would be paid to their individual accounts.
Sawyerr said this was done for the purpose of accountability and transparency.
“Our collective aim is to minimize any potential leakages and to prosecute any wrongdoing swiftly and effectively.
“All parties in the value chain are committed to upholding the highest standards of integrity and accountability. By doing so, we aim to build and maintain the trust of all stakeholders involved in this initiative,” he stated.
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