President Bola Tinubu has officially inaugurated the Nigerian Education Loan Fund (NELFund), a groundbreaking initiative designed to assist students with school fees and stipends. With an initial budget of ₦35 billion, the fund aims to support up to 70,000 students. The launch event has already seen over 110,000 applications submitted. This article provides insights into the launch, key details about the fund, and how it plans to aid over 1.2 million students in its first phase.
Table of Contents
Overview of NELFund
Key Details
| Aspect | Information |
|---|---|
| 🇳🇬 President | Bola Tinubu |
| 💰 Fund Name | NELFund |
| 🎯 Target | 70,000 students |
| 💵 Amount | ₦35 billion |
| 📅 Launch Date | Wednesday |
| 📝 Applications | 110,000+ received |
| 📚 Benefits | School fees, stipends |
| 🎓 Phase 1 Goal | 1.2 million students |
Highlights of the NELFund Launch
The NELFund was launched by President Tinubu in a prestigious ceremony held at the State House council chamber. The event was attended by key figures such as:
- National Assembly Leaders
- Secretary to the Government of the Federation
- Various Ministers
- Heads of Agencies
- NELFund Board and Management Team led by Chairman Jim Ovia
Significant Moments from the Launch
- Initial Funding: President Tinubu approved ₦35 billion to kick-start the scheme, aiming to assist 70,000 initial applicants.
- Application Portal: The portal has already garnered over 110,000 applications, as reported by NELFund MD/CEO, Akintunde Sawyerr.
- Symbolic Cheques: During the launch, President Tinubu distributed symbolic cheques to selected students and institutions.
Objectives of NELFund
The NELFund is designed to provide extensive financial support to eligible students, which includes:
- School Fees: Coverage for tuition and other academic expenses.
- Stipends: Financial aid to support students’ daily needs, allowing them to concentrate on their studies.
The scheme aims to impact over 1.2 million students during its first phase, representing a significant step towards enhancing educational accessibility and reducing financial barriers.
Approval and Disbursement Process
Jim Ovia, the board chairman, has approved the disbursement of loans to successful applicants during the inaugural meeting in Abuja. This ensures that the allocated funds are effectively distributed to students in need.
For additional information and updates regarding the Nigerian Education Loan Fund, visit the official NELFund portal.
This initiative is a major investment in the future of education in Nigeria, aiming to empower and support students across the country. Apply now to advance your educational journey with the help of NELFund!
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