The Bayero University Kano (BUK), University of Maiduguri (UNIMAID), and Federal University, Dutsen-Ma are among the six institutions that received a share of the N2 billion disbursed by the federal government.
Other institutions in this phase are the University of Ilorin, University of Benin and University of Ibadan.
The Nigerian Education Loan Fund (NELFUND) in a statement on its official X account, revealed that the disbursement was part of the student loans to be released across tertiary institutions nationwide.
BUK got the lion’s share with N853.7 million followed by UNIMAID with N589.0 million and Federal University Dutsen-Ma securing N304.9 million. Others are University of Ilorin with N201.1 million, University of Ibadan with N52.8 million and the least on the list is University of Benin receiving N24.4 million.
With this release, NELFUND said it has so far approved and disbursed N2.5 billion to support the students in continuing their education.
The six universities are part of the twelve institutions already received full payment of their institutional fees, while the remaining six are expected to receive their payments within the coming week.
In addition, NELFUND also commenced the payment of upkeep stipends to students, allocating N442 million for the month of July.
It emphasized that the disbursements are made based on each institution’s academic calendar, typically at the beginning of the session.
NELFUND said it believes that these funds will significantly ease the financial pressures on students and their families, allowing them to focus on their studies and future careers.
“We are pleased to share that our efforts are ensuring that financial constraints do not impede the academic pursuits of our students,” said Nasir Ayitogo, Head of Media and Public Relations at NELFUND. “These disbursements will help provide the necessary financial support for students to continue their education and achieve their academic goals.”
The student loan scheme stands as President Bola Tinubu’s flagship project in the education sector. Just a month into his presidency, he signed the Access to Higher Education Act, establishing a legal framework to provide loans for indigent or low-income Nigerians to help pay for their education in Nigerian tertiary institutions.
In his live nationwide broadcast on Sunday, Tinubu said N45.6 billion has already been processed for payment to students and their respective institutions. “Our administration has shown its commitment to the youth by setting up the student loan scheme. To date, 45.6 billion Naira has already been processed for payment to students and their respective institutions.”
, and University of Dutsen-Ma, others received a share of the N2 billion disbursed by the federal government.){kind=link}