The Nigerian Education Loan Fund (NELFUND) is projecting to onboard approximately 1.2 million students into its loan scheme by 2025, according to its Managing Director, Akintunde Sawyerr.
Speaking during an appearance on Channels Television’s Politics Today on Monday, Sawyerr explained that the initiative is focused on students from government-owned tertiary institutions.
By 2025, we aim to have at least 1.2 million students on the loan scheme. That basically means that we would have covered the majority of students in tertiary institutions that are publicly owned who may wish to take the loan. Our estimate and our target is about 1.2 million,” he saidOME
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December 23, 2024
NELFUND targets 1.2 million students for loan scheme in 2025
NELFUND targets 1.2 million students for loan scheme in 2025
The Nigerian Education Loan Fund (NELFUND) is projecting to onboard approximately 1.2 million students into its loan scheme by 2025, according to its Managing Director, Akintunde Sawyerr.
Speaking during an appearance on Channels Television’s Politics Today on Monday, Sawyerr explained that the initiative is focused on students from government-owned tertiary institutions.
“By 2025, we aim to have at least 1.2 million students on the loan scheme. That basically means that we would have covered the majority of students in tertiary institutions that are publicly owned who may wish to take the loan. Our estimate and our target is about 1.2 million,” he said.
I Can’t give up because I have a mother and two brothers — Blind 23-Yr-Old Fabiyi…0:00 / 1:00
On the issue of student stipends, Sawyerr hinted at a possible upward review of the current N20,000 disbursement in the coming year.
So far, NELFUND has provided loans to 94,000 students, disbursing around N23 billion, with the number of beneficiaries increasing by about 1,500 daily.
Sawyerr also noted the Federal Inland Revenue Service (FIRS) as the primary financier of the scheme, with additional support from the Tertiary Education Trust Fund (TETFUND).“Primarily, the FIRS is the main funder of NELFUND, and I can tell you we have a great understanding with the FIRS, and it is very clear that they are very supportive. We have had great support from TETFUND, who have disbursed a certain amount of funds to us,” he said.
OME
NEWS
E-EDITIONS
POLITICS
METRO
BUSINESS
SPORTS
EDITORIAL
COLUMNS
ALLURE
NEWS
December 23, 2024
The Nigerian Education Loan Fund (NELFUND) is projecting to onboard approximately 1.2 million students into its loan scheme by 2025, according to its Managing Director, Akintunde Sawyerr.
Speaking during an appearance on Channels Television’s Politics Today on Monday, Sawyerr explained that the initiative is focused on students from government-owned tertiary institutions.
“By 2025, we aim to have at least 1.2 million students on the loan scheme. That basically means that we would have covered the majority of students in tertiary institutions that are publicly owned who may wish to take the loan. Our estimate and our target is about 1.2 million,” he said.
I Can’t give up because I have a mother and two brothers — Blind 23-Yr-Old Fabiyi…0:00 / 1:00
On the issue of student stipends, Sawyerr hinted at a possible upward review of the current N20,000 disbursement in the coming year.
So far, NELFUND has provided loans to 94,000 students, disbursing around N23 billion, with the number of beneficiaries increasing by about 1,500 daily.
Sawyerr also noted the Federal Inland Revenue Service (FIRS) as the primary financier of the scheme, with additional support from the Tertiary Education Trust Fund (TETFUND).
“Primarily, the FIRS is the main funder of NELFUND, and I can tell you we have a great understanding with the FIRS, and it is very clear that they are very supportive. We have had great support from TETFUND, who have disbursed a certain amount of funds to us,” he said.
He further assured that the scheme is financially robust, revealing that it currently holds over N130 billion, with expectations of an additional N70 billion.
“We have over N130bn in the fund, and we have some other funds we are expecting to flow into the fund and that will amount to 70 or so billion… the point is that we are not short of funds,” he noted.
Regarding the regional distribution of beneficiaries, Sawyerr said most recipients are from Northern Nigeria.
He, however, said that with increased awareness efforts in the South-East and South-South zones, there has been a rise in applications from these
Source :Vanguard
