On Wednesday, President Bola Tinubu launched the Nigerian Education Loan Fund (NELFund) in the council chamber of State House.
The National Assembly leadership, the Secretary to the Government of the Federation, certain ministers, agency heads, and members of the Nigerian Education Loan Fund’s board and management staff, led by board chairman Jim Ovia, are all in attendance for the inauguration.
After opening the portal, President Tinubu presented symbolic payments to students and institutions.
Akintunde Sawyerr, the MD/CEO of the Nigerian Education Loan Fund, stated that the platform has received over 110, 000 loan applications thus far.
President Tinubu recently approved ₦35 billion for the scheme’s launch, with an initial target of 70,000 applicants.
Ovia approved the issuance of loans to eligible applicants at its inaugural meeting in Abuja last month.
The student loan program aims to provide financial assistance to qualifying students countrywide, including school fees and stipends.
Over 1.2 million kids are expected to benefit from the first phase of the initiative.
