This disbursement is in addition to the ₦1.7bn already given
to 20,000 students. "The sum of N850m will be leaving the account of
NELFUND today to institutions. This is apart from the N1.7bn naira that has
already been disbursed," said Akintunde.
Earlier, Sawyer disclosed that the Fund had provided
institutional fees to 20,000 students through their institutions. He also
mentioned that a total of 260,000 loans, including institutional fees and
upkeep, have been approved.
The program is expected to benefit no fewer than 1.2 million
students, as approved by President Bola Tinubu, who allocated ₦35bn for the
scheme after signing the law on April 3.
See Full Address By Sawyer Below:
ADDRESS BY MR AKINTUNDE SAWYERR, MANAGING DIRECTOR/CEO OF
THE NIGERIAN EDUCATION LOAN FUND (NELFUND) ON WEDNESDAY, 31st JULY, 2024.
Protocols
It is with immense pleasure and a deep sense of
responsibility that I stand before you today to announce a significant
milestone in our collective efforts to enhance the educational landscape of our
great nation.
This occasion marks a testament to our shared commitment to
ensuring that higher education is accessible to all deserving Nigerians,
regardless of their financial background.
Firstly, I would like to acknowledge the presence of the
Honourable Minister of State for Education, Dr Yusuf Sununu who is with us
today on a one-day working visit.
Your presence, Honourable Minister, underscores the
importance of this initiative and highlights the government’s unwavering
support for the advancement of education in Nigeria. We are honored to have you
here and grateful for your continuous advocacy and leadership in the
educational sector.
I must also extend our Excellency, President Bola Ahmed
Tinubu (GCFR). His visionary leadership and unwavering dedication to the
advancement of education in Nigeria have driving forces behind this initiative.
Under his administration, we have seen a renewed focus on
the empowerment of our youth through education, and today’s announcement is a
direct result of his commitment to this cause.
Mr. President, your steadfast support and belief in the
potential of Nigerian students have made this possible, and we are deeply
grateful.
I am delighted to share that following Mr President’s
directive, NELFUND has been able to disburse students’ institutional fees
amounting to N1,172,388,340.00 for 20,000 students (100% paid) in esteemed
institutions across the country.
These institutions were carefully selected based on their
academic calendar. Disbursement to other institutions will be made at the
beginning of their sessions to ensure a transparent and equitable distribution
of resources.
Number of Beneficiaries
Within these institutions, a total of 11,083 students are
the beneficiaries who applied for the loans and their tuition was paid 100 per
cent.
This financial aid will enable them to focus on their
studies without the added burden of financial worry. It is our belief that by
investing in these students, we are investing in the future of Nigeria.
Upkeep/Stipend
In addition to the tuition charges, we are also cognizant of
the need for upkeep support. The payment of upkeep stipends will be conducted
in the coming week with the utmost transparency and security.
We are collaborating with several key agencies and
institutions to ensure this. The Nigerian Financial Intelligence Unit (NFIU),
the Department of State Services (DSS), the Economic and Financial Crimes
Commission (EFCC), and the Independent Corrupt Practices and Other Related
Offences Commission (ICPC) will work alongside the various banks involved in
this process.
Furthermore, We are excited to announce that we will be
launching a series of new skills training programs in the coming weeks. These
programs are designed to empower Nigerians with the knowledge and expertise
needed to excel.
Ensuring Accountability
Our collective aim is to minimise any potential leakages and
to prosecute any wrongdoing swiftly and effectively.
All parties in the value chain are committed to upholding
the highest standards of integrity and accountability. By doing so, we aim to
build and maintain the trust of all stakeholders involved in this initiative.
Acknowledgment of Partners
We cannot overlook the critical roles played by our various
partners too numerous to mention in this initiative. Their collaboration has
been instrumental in setting up a robust and transparent system for the
disbursement and management of funds.
Additionally, the support from the institutions themselves
has been invaluable in ensuring that the process is smooth and that the
students receive their funds promptly.
Today’s announcement is a testament to President Tinubu’s
unwavering dedication to the education sector and the future of our youth.
I extend my heartfelt gratitude to all our partners,
institutions, and stakeholders for their invaluable support in making this
vision a reality.