NELFUND okays 70, 000 applications as President Tinubu approves N35b for Students Loan Scheme

President Bola Tinubu has approved N35 billion for the take – off of the student loan scheme.

So far, 70, 000 applications have been approved by the Nigerian Education Loan Fund (NELFUND).

Another 50, 000 applications are currently being evaluated and would be approved within 30 days.

The figures were exclusively obtained by The Nation from sources in NELFUND.

According to the Managing Director/Chief Executive Officer, NELFUND, Akintunde Sawyerr, the funds will be disbursed based on the timetable and calendars of the academic session of each institution.

He said: “The funds will be disbursed based on the timetable and calendars of the academic session of each institution. The portal for students to apply for the loan opened on May 24, 2024.

“The portal will be permanently open because institutions don’t have a uniform calendar,” Sawyerr added.

No fewer than 1.2 million students are expected to benefit from the cardinal programme of the Tinubu administration.

Applicants are required to provide their Joint Admissions and Matriculation Board (JAMB) letter, National Identification Number (NIN), and Bank Verification Number (BVN).