Student loan not determined by zones – NELFUND

The Nigerian Education Loan Fund (NELFUND) has clarified that geopolitical zones do not influence how its funds are disbursed. This clarification followed the release of N2.94 billion to 19 universities, benefiting 27,667 students.

The list of beneficiary institutions revealed that universities in the South-East and South-South regions were not included, which sparked criticism from some Nigerians.

An X user, @Donaldsplendo, tweeted, “Not surprised to see SE being neglected once again. No funds were allocated to students in UNIZIK, FUTO, MOUAU, and even the University of Nigeria (UNN). I’m pretty sure a lot of students in those schools applied for the loan just like every other Nigerian scholar. One Nigeria una.”

Another user, @Tonia_dimma, commented, “South-South how market, one Nigeria but no allocation for South-South. We South-East are prepared already, but how market South-South?”

In response, NELFUND, via its verified X handle (@nelfund), emphasized that geopolitical zones do not affect its fund distribution. The statement read, “It’s important to clarify that geopolitical zones are not a factor in the disbursement process. NELFUND sent a verification list to every institution eligible for disbursement. Payments are being made to institutions that have responded to this verification. Unfortunately, we have not yet received any response from the institutions in the South-East. We urge these institutions to complete the verification process so their students can benefit from the scheme.”

Meanwhile, NELFUND acknowledged receiving N50 billion from the Economic and Financial Crimes Commission (EFCC) as part of recovered proceeds from crime. The Head of Corporate Communications, NELFUND, Oseyemi Oluwatuyi, expressed the fund’s satisfaction with the additional N50 billion, following President Bola Tinubu’s directive on August 4, 2024, for the EFCC to transfer the funds to NELFUND to further enhance the student loan program.

“This significant injection of funds represents a major milestone in the Administration’s commitment to bolstering access to education by providing financial support to students across Nigeria,” the statement added.

NELFUND also praised President Bola Ahmed Tinubu for his steadfast dedication to the education sector and his ongoing efforts to support vulnerable populations. “By deciding to allocate these funds to the student loan scheme, President Tinubu has once again demonstrated his visionary leadership and commitment to fostering a brighter future for Nigerian students and the socioeconomic advancement of Nigeria,” the fund said.