4th August, 2024
Bayero University Kano (BUK) and University of Maiduguri (Unimaid) have received 71 per cent of the over ₦2 billion in student loans disbursed to over 20,000 students across six universities in the country so far by the Nigerian Education Loan Fund (NELFund)
NELFUND has so far disbursed ₦2,026,163,340.00 in student loans to 20,371 beneficiaries across these six institutions, providing much-needed financial support to help increase access to quality higher education.
According to Economic Confidential, BUK received ₦853,775,000.00 in loans for 7,788 students, accounting for 42% of the total disbursement while Unimaid got ₦589,001,500.00 for 5,839 students, or 29% of the total.
The other universities that received significant loan amounts include the Federal University, Dutsin-Ma ₦304,961,800.00 for 3,540 students, the University of Ibadan ₦201,114,650.00 for 1,570 students, the University of Ilorin (₦52,897,890.00 for 902 students), and the University of Benin ₦24,412,500.00 for 432 students.
The student loan scheme is part of the administration of President Bola Ahmed Tinubu’s broader efforts to tackle the challenges of funding and affordability that have long hindered many Nigerians from pursuing university education.
By easing the financial burden on students and their families, the program aims to open up opportunities for more young people to acquire the skills and knowledge needed to drive the country’s development.
However, the figures does not include monthly upkeep. The upkeep of the students is being processed direct to their accounts.
