The Nigerian Education Loan Fund (NELFUND) said it has begun distributing N20,000 monthly stipends to beneficiaries, with 20,371 students from six tertiary institutions successfully receiving their July payments.
Director of finance and accounts at NELFUND Ibom Uche made this known in a statement on Monday.
“The Management of the Nigerian Education Loan Fund (NELFUND) under the leadership of Mr Akintunde Sawyerr, the Managing Director has announced the successful disbursement of N20,000.00 monthly stipends for the month of July to 20,371 students from six tertiary institutions,” the statement said.
It also noted that students who have begun receiving their July stipends are those whose institutional fees have already been covered by NELFUND.
The statement named the tertiary institutions where payments have started — Bayero University Kano, Federal University Dutsin-Ma, University of Ilorin, University of Benin, University of Ibadan, and University of Maiduguri.
The statement added that NELFUND is actively working to initiate the payment process for students from approximately 55 more tertiary institutions. This process is expected to be completed within the next two weeks, as the fund is dedicated to ensuring that all eligible students receive their stipends promptly.
NELFUND is primarily funded by 1% of the revenues from taxes, levies, and duties collected by the Federal Inland Revenue Service, Nigerian Immigration Service, and Nigerian Customs Service. Additional funding comes from natural resource profits, education bonds, endowment funds, and donations.
President Bola Tinubu last month announced the release of N50 billion to NELFUND from proceeds recovered by the Economic and Financial Crimes Commission (EFCC).
