The Nigerian Education Loan Fund (NELFUND) announced on Monday that it has successfully distributed N20,000 monthly stipends for July to 20,371 students across six universities.
The universities receiving these stipends are Bayero University Kano, Federal University Dutsin-Ma, University of Ilorin, University of Benin, University of Ibadan, and University of Maiduguri.
NELFUND’s Director of Finance, Ibom Uche, stated that the Fund is also preparing to start payments for students from about 55 more universities in the next two weeks, aiming to ensure timely disbursement for all eligible students.
Additionally, President Bola Tinubu recently committed an extra N50 billion from recovered crime proceeds to support the student loan program. This initiative is a key project under his administration.
President Tinubu signed the Access to Higher Education Act shortly after taking office, which established the legal basis for providing loans to low-income Nigerian students. NELFUND, created by this law, is responsible for managing all loan requests, grants, disbursements, and recoveries, and will be funded through various sources.