Student loan not determined by zones – NELFUND

The Nigerian Education Loan Fund has clarified that geopolitical zones do not influence the disbursement of its funds.

This came after NELFUND shared that it had released the sum of N2.94bn to 19 universities for 27,667 students.

The list revealed that universities in the South-East and South-South regions were not included among the beneficiaries, sparking 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, said, “South-South how market, one Nigeria but no allocation for South- South, we South East are prepared already but how market South-South.”

Meanwhile, in a statement shared via its verified X handle (@nelfund), the agency stated that geopolitical zones did not impact its fund distribution process.

It 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 that their students can benefit from the scheme.”

Meanwhile, the fund acknowledged the receipt of N50bn from recovered proceeds of crime from the Economic and Financial Crimes Commission.

The Head of Corporate Communications, NELFUND, Oseyemi Oluwatuyi, the loan fund said it “expressed its pleasure as it receives an additional N50 billion from the Economic and Financial Crimes Commission.”

The Oluwatuyi noted that the release followed the directive of President Bola Tinubu in his speech on 4th August, 2024, directing the EFCC to transfer the funds to NELFUND to further boost the student loan programme.

“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 noted.

The fund commended President Bola Ahmed Tinubu for what it described as unwavering dedication to the education sector and his continued efforts to support the most vulnerable segments of the population.

“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 to the socioeconomic advancement of Nigeria,” the fund said.