Many universities have confirmed receipt of tuition payments for successful student loan applicants by the Nigerian Education Loan Fund (NELFUND).
Six federal universities, according to the chart from NELFUND, received N2.03 billion for the 2023/2024 academic session.
Each of the students will also receive N20,000 monthly, directly paid to them for their upkeep.
The universities already captured and the amount received are as follows:
•Bayero University (BUK), Kano, N853.8 million;
•University of Maiduguri(UNIMAID), Borno, N589 million;
•Federal University, Dutsin-Ma (FUDMA), Katsina, N305 million;
•University of Ibadan (UI) Oyo, N201.1 million;
•University of Ilorin (UNILORIN), Kwara, N52.9 million;
•University of Benin(UNIBEN), Edo, N24.4million.
Over 30 federal universities are expected to receive payments for successful applicants.
The funds released cover the full tuition of over 20,000 students.
In line with President Bola Ahmed Tinubu’s directive, the Economic and Financial Crimes (EFCC) has released N50 billion to boost the funding capacity of NELFUND.
The anti-graft agency, which advised NELFUND to be corrupt-free in managing the resources at its disposal, promised to rigidly monitor the agency’s activities.
The University of Ibadan has invited its students who are beneficiaries of the loan to come for a refund if they had paid the tuition for the outgoing 2023/2024 session.
The Registrar said: “NELFUND has remitted N201,114,650.00 only to the university account for the 2023/2024 academic session.
“This amount is to cover the fees of 1,370 students of our university who applied for the NELFUND loan.
“The Bursary Department is currently processing the fund to enable the concerned students to obtain smart receipts.
“Any student who is a beneficiary of the NELFUND loan and has already paid levies for the session fee is entitled to a refund.
“To apply for a refund, the student must write through the Dean of Students to the Deputy Vice-Chancellor, Academic, providing their account details for the refund.
“A photocopy of the original payment receipt must be attached to each application.
“Please note that this information is applicable only to students who applied for the NELFUND loan, and whose applications were approved.”
An official of the school told The Nation yesterday that the students were upbeat about the loan and its effect on their academic performance.
We will monitor spending
EFCC chairman Ola Olukoyede reaffirmed the agency’s plan to ensure judicious use of NELFUND resources.
He spoke when he received the Managing Director Akintunde Sawyerr.
Sawyerr said he visited the EFCC boss to express appreciation for the release of N50 billion to his agency.
The NELFUND chief said: “We are aware of the funds from the proceeds of crime extended to NELFUND.
“We are here to express our gratitude for the gesture. We also want the EFCC to exercise oversight on what we are doing.”
Sawyerr described NELFUND as a laudable programme designed to provide funding for the education of indigent students.
“The youths constitute the most populous, restive but neglected segment of our population.
“President Tinubu identified this as a major problem and put in place a major solution to address the issue,” he said.
Olukoyede called for transparent disbursement of the funds by universities and other higher institutions of learning.
He vowed that the EFCC would do everything to prevent the re-looting of the fund.
He said: “I will fight to ensure that money pooled together to support NELFUND is not re-looted.
“We want your management to be giving reports of your disbursement to the EFCC.
“Don’t sign what is not clear to you. Don’t give in to any pressure. Let your staff know that there is no money to share.”
The EFCC boss also called on the management of NELFUND to be sensitive to the trust reposed in them, warning that the EFCC would leave no stone unturned to achieve transparent handling of the fund.
“Let your hands be clean. The work entrusted to you is going to help the EFCC fight corruption. Let your systems and processes be transparent,” he said.
Olukoyede called on Nigerians to rally around the management of NELFUND to ensure that the scheme succeeds.
Last month, NELFUND commenced payment of N20,000 as stipends to students.
A total of N442.4 million has been allocated for this month.
President Tinubu on April 3 signed the bill on the scheme in line with his electoral promise that no Nigerian student would drop out of school on account of lack of funds.
According to the law, repayment will commence two years after every beneficiary’s completion of the National Youth Service Corps (NYSC) programme.
As at July 10, twelve state-owned tertiary institutions have uploaded the data of their students to the NELFUND (Student Loan) application portal.
In a statement by its Head, Media and Public Relations, Nasir Ayitogo, NELFUND said the expansion came following the successful submission and verification of data completeness and accuracy required from the institutions.
The statement reads: On Monday (July 8), 36 state-owned tertiary institutions joined the scheme after successfully uploading the data of their students to the NELFUND Student Verification System (SVS).
“With this latest addition, the total number of participating state government-owned tertiary institutions has now increased from the initial 36 earlier announced to 48. The students data from 121 institutions is outstanding”.
NELFUND Managing Director Akintunde Sawyerr expressed gratitude to all who have submitted their data so far. He spoke during a visit to Osun State Governor Ademola Adeleke in Osogbo.
He acknowledged the governor’s exemplary leadership on the loan.
The statement added: “The Fund urges all institutions that are yet to submit their students’ data to the Student Verification Portal (SVS) of the fund to kindly do so to enable their students benefit from the scheme.
“It also urges states whose data has been captured and successfully uploaded to urgently sensitise their students to apply, thereby bringing succour to students who are struggling financially whilst also bringing guaranteed revenue to the institutions.
“Students from the following state government-owned tertiary institutions can now visit www.nelf.gov.ng to apply for the loan.”
The twelve institutions included: Abia State Polytechnic; Benue State University, Makurdi; College of Education, Waka-Biu; University of Medical and Applied Sciences Enugu State; Aliko Dangote University of science and Technology Wudil, Kano State; Kwara Polytechnic; Lagos State University of Science and Technology; Ibrahim Badamasi Babangida University Lapai, Niger State; Olabisi Onabanjo University; Abraham Adesanya Polytechnic; Taraba State Polytechnic and Yobe State University.
No fewer than 1.2 million students are expected to benefit from this initiative which will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS).
The President approved N35 billion for the scheme’s take-off.