The Nigerian Training Mortgage Fund (NELFund) has efficiently disbursed over N2.5 billion underneath its scholar mortgage scheme to considerably ease the monetary burdens for college students throughout the nation.
NELFund’s media Head, Nasir Ayitogo, introduced on Friday that the fund has disbursed N2,530,235,750 to the scholars.
The quantity covers institutional charges and month-to-month stipends for 22,120 college students, benefiting six establishments with lively tutorial calendars.
He stated a further six establishments had been set to obtain funds within the coming week.
Ayitogo highlighted {that a} complete of N442,400,000 has been allotted as maintenance allowances for candidates in July alone.
“NELFund believes that these disbursements will considerably ease the monetary burdens on college students and their households, enabling them to give attention to their research and future careers,” he acknowledged.
LEADERSHIP recollects that the coed mortgage coverage, initially enacted by Tinubu in June 2023, aimed to offer interest-free loans to college students.
Although the scheme was set to start in October 2023, its implementation confronted delays till April 2024.
NELFund launched its mortgage software portal on Could 24, beginning with a pilot section for federal tertiary establishments.
The scheme was increase to state-owned tertiary establishments in its second section.
As of mid-July, over 110,000 functions had been submitted, and greater than 160,000 college students registered on the NELFund portal, demonstrating the excessive demand and want for monetary help.
