July 17, 2024

President Bola Tinubu on Wednesday launched the Nigerian Education Loan Fund (NELFund) in the council chamber of state House.

Channels Television reports that after launching the portal, President Tinubu handed out symbolic cheques to students and some institutions.

On his part, the MD/CEO of the Nigerian Education Loan Fund, Akintunde Sawyerr, said the portal has received over 110, 000 loan applications so far.

This is coming a few weeks after President Tinubu approved ₦35 billion for the scheme’s take-off, targeting 70,000 initial applicants.

Ovia had approved the disbursement of loans to successful applicants during its inaugural meeting in Abuja last month.

The student loan scheme seeks to provide financial support, including school fees and stipends, to eligible students nationwide.

Over 1.2 million students are expected to benefit from the first phase of the programme.

In attendance at the inauguration is the leadership of the National Assembly, the Secretary to the Government of the Federation, some ministers, heads of agencies, and members of the board and management team of the Nigerian Education Loan Fund led by the board chairman, Jim Ovia.