NELFUND disburses N23bn to 128 tertiary institutions, individuals

The Nigerian Education Loan Fund, also known as NELFUND, has been making waves in the education sector by providing financial support to students and institutions. Recently, they disbursed a whopping N23 billion to 128 tertiary institutions and individuals, which is a significant step towards making education more accessible and affordable in Nigeria. This move is expected to benefit over 326,000 individuals who have applied for the loan, with N18 billion going to the institutions and N5 billion for students' upkeep.

NELFUND's primary goal is to prevent students from dropping out of school due to financial constraints, and they've been doing a great job so far. They provide tuition loans and monthly stipends to students in government-owned tertiary institutions, and the application and approval process is all done online. The agency also extends its services to individuals pursuing vocational and skills training in approved institutions.

It's worth noting that NELFUND's funding comes from 1% of the Federal Inland Revenue Service (FIRS) collections, which is estimated to yield around N194 billion. They also receive support from other sources, such as the Economic and Financial Crimes Commission (EFCC) and the Tertiary Education Trust Fund (TETFund).

The repayment process is also quite flexible, with graduates having a two-year grace period after completing their National Youth Service Corps (NYSC) before they start repaying the loan. Employers are also required to deduct 10% of the beneficiary's salary and remit it to NELFUND.

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