The Nigerian Education Loan Fund, NELFUND, has said it has disbursed a N20,000 monthly stipend to 20,371 students in six universities for July.
The statement made by the agency and signed by the Director of Finance of NELFUND, Ibom Uche revealed that the fund would soon commence payment of stipends to students.
The newly established agency disclosed the tertiary institutions as Bayero University Kano, Federal University Dutsin-Ma, University of Ilorin, University of Benin, University of Ibadan, University of Maiduguri and 55 institutions across the country.
Uche stated that arrangements have been made for the fund to conclude payments to eligible students within two weeks.
The director of Finance for NELFUND said President Bola Tinubu on Sunday in his speech to Nigerians on the ongoing protest committed the sum of N50 billion to the student loan cause.
The implementation of the student loan scheme is President Bola Tinubu’s flagship project in the education sector.
Tinubu signed the Access to Higher Education Act, which creates a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their fees in Nigerian tertiary institutions.
The law, reenacted earlier this year, created the Nigerian Education Loan Fund.
