The vice-chancellor of Alex Ekwueme Federal University, Ndufu-Alike Abakaliki (AE-FUNAI), Ebonyi state, Professor Sunday Elom, has confirmed the receipt of one hundred and ninety-three million, three hundred and seventy-seven thousand, one hundred naira only (N193m) from the Nigerian Education Loan Fund (NELFUND).
In a in letter addressed to NELFUND managing director, Akintunde Sawyerr, dated September 18, 2024, with reference number: AEFUNAI/OVC/03/103/VOL1, Prof Elom, said the first tranche of the funds was received on September 9.
According to the letter, which was titled ‘Acknowledgment of Receipt of First Batch Disbursement of 193,377,100.00 Student Loan to AE- FUNAI,’ the payment covers the institutional fees of 1,068 students (applicants).
“I hereby confirm that our university received payment for 1,068 students, amounting to a total of 193,377,100.00 (one hundred and ninety-three million, three hundred and seventy-seven thousand, one hundred naira only) as 1st batch disbursement under the Student Loan Programme on the 9th of September, 2024,” he said.
Blueprint reports that the first phase of the interest-free student loan scheme, which commenced on May 24 this year, is expected to benefit no fewer than 1.2 million students.
As of September 22, over N5,093,110,671 has been disbursed as institutional fees to 45,440 applicants from 59 federal and state institutions in Nigeria.
NELFUND officials, so far, have visited 14 tertiary institutions across the country for sensitisation, alongside members of the National Association of Nigerian Students (NANS).
Speaking during his separate visits to JS Tarkaa University of Agriculture, Makurdi, Benue state, and Nasarawa State University, Keffi, NELFUND managing director, Akintunde Sawyerr, highlighted the importance of the programme in helping Nigerian students overcome financial barriers to education.
Sawyerr said the sensitisation programme was aimed at encouraging students who may be hesitant to apply due to a lack of understanding of the scheme, adding that the fund has been empowered to reach every nook and cranny of the country, ensuring that no region is marginalised.