The Nigerian Education Loan Fund (NELFUND) has addressed concerns regarding the disbursement of its funds, emphasizing that geopolitical zones do not influence the allocation process. This clarification follows the recent announcement of NELFUND releasing N2.94 billion to 19 universities benefiting 27,667 students.
The announcement has led to criticism as universities in the South-East and South-South regions were notably excluded from receiving funds. A user expressed disappointment, highlighting the lack of support for institutions such as Nnamdi Azikiwe University (UNIZIK), Federal University of Technology, Owerri (FUTO), Michael Okpara University of Agriculture, Umudike (MOUAU), and the University of Nigeria, Nsukka (UNN).
Responding to the backlash, NELFUND stated that the distribution of funds is based solely on institutions’ responses to a verification list sent out, not geographical considerations. They urged South-East universities to complete the verification process to facilitate fund allocation.
In addition, NELFUND announced the receipt of N50 billion from recovered proceeds of crime, a move supported by the Economic and Financial Crimes Commission (EFCC). This funding follows President Bola Tinubu’s directive aimed to enhance the student loan program.
This significant financial boost signals a commitment to improving access to education in Nigeria, with NELFUND commending President Tinubu’s dedication to supporting the education sector and vulnerable populations in the country. The fund emphasized that this allocation underscores a strong commitment to fostering a better future for Nigerian students and driving socioeconomic progress nationwide.
