{"id":556,"date":"2024-07-18T11:54:01","date_gmt":"2024-07-18T11:54:01","guid":{"rendered":"https:\/\/plotterwave.com\/blog\/?p=556"},"modified":"2024-07-18T11:54:01","modified_gmt":"2024-07-18T11:54:01","slug":"tinubu-launches-nelfund-student-loan-scheme-in-nigeria-with-n32-billion","status":"publish","type":"post","link":"https:\/\/plotterwave.com\/blog\/tinubu-launches-nelfund-student-loan-scheme-in-nigeria-with-n32-billion\/","title":{"rendered":"Tinubu Launches NELFUND Student Loan Scheme In Nigeria With N32 Billion"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div><p><strong>Tinubu Launches NELFUND Student Loan Scheme In Nigeria With N32 Billion<\/strong><\/p>\n<p>President Bola Tinubu has officially launched the significant educational initiative known as the <a href=\"https:\/\/nelf.gov.ng\/\">Nigerian Education Loan Fund<\/a> (NELFUND).<\/p>\n<p>With an initial investment of N32 billion, this fund aims to support Nigerian students by providing necessary financial assistance to pursue their education.<\/p>\n<p>President Tinubu highlighted the essential role of education in combating poverty and fostering national development, emphasizing that a well-educated population is crucial for addressing various societal challenges, including insecurity and terrorism.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/plotterwave.com\/blog\/tinubu-launches-nelfund-student-loan-scheme-in-nigeria-with-n32-billion\/#Student_Loan_In_Nigeria\" >Student Loan In Nigeria<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/plotterwave.com\/blog\/tinubu-launches-nelfund-student-loan-scheme-in-nigeria-with-n32-billion\/#Commitment_to_the_Renewed_Hope_Agenda\" >Commitment to the Renewed Hope Agenda<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/plotterwave.com\/blog\/tinubu-launches-nelfund-student-loan-scheme-in-nigeria-with-n32-billion\/#Investment_in_Education\" >Investment in Education<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/plotterwave.com\/blog\/tinubu-launches-nelfund-student-loan-scheme-in-nigeria-with-n32-billion\/#Fulfilling_Campaign_Promises\" >Fulfilling Campaign Promises<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/plotterwave.com\/blog\/tinubu-launches-nelfund-student-loan-scheme-in-nigeria-with-n32-billion\/#Disbursement_of_Funds\" >Disbursement of Funds<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/plotterwave.com\/blog\/tinubu-launches-nelfund-student-loan-scheme-in-nigeria-with-n32-billion\/#NELFUND_Portal_Metrics\" >NELFUND Portal Metrics<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/plotterwave.com\/blog\/tinubu-launches-nelfund-student-loan-scheme-in-nigeria-with-n32-billion\/#Benefits_of_NELFUND_Student_loan\" >Benefits of NELFUND Student loan<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/plotterwave.com\/blog\/tinubu-launches-nelfund-student-loan-scheme-in-nigeria-with-n32-billion\/#Types_of_Loans\" >Types of Loans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/plotterwave.com\/blog\/tinubu-launches-nelfund-student-loan-scheme-in-nigeria-with-n32-billion\/#Verification_and_Beneficiaries\" >Verification and Beneficiaries<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/plotterwave.com\/blog\/tinubu-launches-nelfund-student-loan-scheme-in-nigeria-with-n32-billion\/#Requirements_for_Applicants\" >Requirements for Applicants<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/plotterwave.com\/blog\/tinubu-launches-nelfund-student-loan-scheme-in-nigeria-with-n32-billion\/#How_to_Apply\" >How to Apply<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/plotterwave.com\/blog\/tinubu-launches-nelfund-student-loan-scheme-in-nigeria-with-n32-billion\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Student_Loan_In_Nigeria\"><\/span>Student Loan In Nigeria<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>President Tinubu, during the official launch event at the State House in Abuja on July 17, stressed the pivotal role education plays in a nation&#8217;s progress.<\/p>\n<p>He described education as the greatest weapon against poverty, offering vision, development, and hope. Without education, he argued, it is impossible to overcome challenges such as insecurity and achieve true success.<\/p>\n<p>The President said that education provides the necessary light at the end of the tunnel, even if progress seems slow at times.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Commitment_to_the_Renewed_Hope_Agenda\"><\/span>Commitment to the Renewed Hope Agenda<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Addressing the NELFUND Board members and management, President Tinubu reaffirmed his administration&#8217;s dedication to the Renewed Hope Agenda.<\/p>\n<p>This agenda emphasizes inclusiveness, aiming to build a fair society where everyone has the opportunity to succeed.<\/p>\n<p>Tinubu noted that democracy is about inclusiveness, and education is a key element in achieving this goal.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Investment_in_Education\"><\/span>Investment in Education<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>President Tinubu emphasized that Nigeria will continue to invest in education as a tool to empower its citizens. By prioritizing education, the country aims to combat terrorism, banditry, and insecurity. The President highlighted the importance of investing in education from the foundational level to the highest levels, rejecting ignorance as an alternative.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Fulfilling_Campaign_Promises\"><\/span>Fulfilling Campaign Promises<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The launch of NELFUND also marks the fulfillment of one of President Tinubu&#8217;s major campaign promises. He emphasized that without proper education, it is impossible to navigate life&#8217;s challenges or fight issues like terrorism and banditry effectively. The introduction of this loan fund aims to create a fair society where people can invest in their own lives and future.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Disbursement_of_Funds\"><\/span>Disbursement of Funds<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At the launch, President Tinubu handed out loan cheques to students from all regions of the country, marking the start of the fund&#8217;s distribution.<\/p>\n<p>Additionally, cheques were presented to Vice Chancellors of institutions such as Bayero University, Kano (BUK) and the Federal University of Technology, Owerri (FUTO).<\/p>\n<h3><span class=\"ez-toc-section\" id=\"NELFUND_Portal_Metrics\"><\/span>NELFUND Portal Metrics<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Executive Secretary of NELFUND, Akintunde Sawyerr shared important updates on the fund&#8217;s progress and how things are shaping up.<\/p>\n<p>Since May 25, a total of 164,000 students registered for the loan, with 103,000 of them completing the application process.<\/p>\n<p>He said that right now there\u2019s N32 billion ready to be distributed to get the program off the ground.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_of_NELFUND_Student_loan\"><\/span>Benefits of NELFUND Student loan<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>NELFUND&#8217;s goal is to lift up Nigerian youth by offering clear and fair financial support, breaking down the money barriers that stand in the way of education.<\/p>\n<p>Sawyerr highlighted the fund&#8217;s progress, noting key amendments to the loan act and the establishment of dashboard metrics. The Presidential disbursement of funds on July 17, 2024, marked a significant milestone for the program.<\/p>\n<p>The program aims to provide Nigeria with better leadership in the future and improve the socio-economic situation of the country.<\/p>\n<p>Sawyerr noted that about 110,000 students have successfully applied and verified their eligibility. Further verification will ensure that only well-qualified students receive the loans.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Types_of_Loans\"><\/span>Types of Loans<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Through NELFUND, students have the option to apply for two different types of loans.<\/p>\n<p>The first type covers educational fees, which are sent directly to institutions.<\/p>\n<p>The second type is an upkeep loan, providing students with a monthly stipend.<\/p>\n<p>Sawyerr explained that institutions receive cheques for multiple applications, and students must have their fees covered by NELFUND to receive their stipend.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Verification_and_Beneficiaries\"><\/span>Verification and Beneficiaries<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Sawyerr outlined the verification process for applicants. So far, 170,000 students from universities, polytechnics, and colleges of education have signed up with NELFUND, and 110,000 of them have finished the application process.<\/p>\n<p>The beneficiaries include institutions that receive payments on behalf of students and the students themselves, who will receive monthly stipends.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Requirements_for_Applicants\"><\/span>Requirements for Applicants<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Applicants must meet several requirements, including having Joint Admissions and Matriculation Board (JAMB) numbers, matriculation numbers, Bank Verification Numbers (BVN), and National Identification Numbers (NIN).<\/p>\n<p>The current exposure to students is about N35 billion, with additional funding available for disbursement. NELFUND receives 1% of Federal Inland Revenue Service taxes and can also receive funding from other sources.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Apply\"><\/span>How to Apply<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you&#8217;re interested in applying for the NELFUND student loan scheme in Nigeria, please read <a href=\"https:\/\/plotterwave.com\/blog\/nelfund-opens-students-loan-application-for-state-owned-universities-how-to-apply\/\">our previous report for detailed instructions<\/a> on how to proceed.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The launch of the Nigerian Education Loan Fund (NELFUND) marks a significant step towards improving access to education in Nigeria.<\/p>\n<p>With a substantial investment and a commitment to inclusiveness, President Tinubu&#8217;s administration aims to empower the country&#8217;s youth, combat poverty, and address societal challenges through education.<\/p>\n<p>The NELFUND initiative promises to create a brighter future for Nigeria by ensuring that financial barriers do not hinder educational opportunities for deserving students.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tinubu Launches NELFUND Student Loan Scheme In Nigeria With N32 Billion President Bola Tinubu has officially launched the significant educational initiative known as the Nigerian Education Loan Fund (NELFUND). With an initial investment of N32 billion, this fund aims to support Nigerian students by providing necessary financial assistance to pursue their education. President Tinubu highlighted &#8230; <a title=\"Tinubu Launches NELFUND Student Loan Scheme In Nigeria With N32 Billion\" class=\"read-more\" href=\"https:\/\/plotterwave.com\/blog\/tinubu-launches-nelfund-student-loan-scheme-in-nigeria-with-n32-billion\/\" aria-label=\"Read more about Tinubu Launches NELFUND Student Loan Scheme In Nigeria With N32 Billion\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":151,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[31],"tags":[105,112,93,116,94,108],"class_list":["post-556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loans","tag-bola-tinubu","tag-loan","tag-loans","tag-nelfund","tag-nigeria","tag-students"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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FG Student Loan If you are a Nigerian student looking for Federal Government Loan to support your education, you will be happy to know that the management of Nigerian Education Loan Fund (NELFUND) led by its Managing Director, Mr. Akintunde\u2026","rel":"","context":"In &quot;Loans&quot;","block_context":{"text":"Loans","link":"https:\/\/plotterwave.com\/blog\/category\/loans\/"},"img":{"alt_text":"Tinubu Launches NELFUND Student Loan Scheme In Nigeria With N32 Billion","src":"https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/05\/Nigerian-Education-Loan-Fund-NELFUND.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/05\/Nigerian-Education-Loan-Fund-NELFUND.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/05\/Nigerian-Education-Loan-Fund-NELFUND.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/05\/Nigerian-Education-Loan-Fund-NELFUND.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":503,"url":"https:\/\/plotterwave.com\/blog\/nelfund-student-loan-fg-onboards-22-more-state-owned-tertiary-institutions\/","url_meta":{"origin":556,"position":1},"title":"NELFUND Student Loan: FG Onboards 22 More State-Owned Tertiary Institutions","author":"Tobias Sylvester","date":"July 16, 2024","format":false,"excerpt":"NELFUND Student Loan: FG Onboards 22 More State-Owned Tertiary Institutions The Nigerian Education Loan Fund (NELFUND) has announced that 22 more state-owned universities and colleges will be part of its student loan program. This brings the total number of state-owned institutions participating in the program to 70. 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This expansion allows more students across Nigeria to apply for federal government loans. First Phase Rollout and New Announcements In\u2026","rel":"","context":"In &quot;Loans&quot;","block_context":{"text":"Loans","link":"https:\/\/plotterwave.com\/blog\/category\/loans\/"},"img":{"alt_text":"NELFUND Opens Students Loan Application For State-Owned Universities - How To Apply","src":"https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/07\/FG-student-loan.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/07\/FG-student-loan.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/07\/FG-student-loan.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":1292,"url":"https:\/\/plotterwave.com\/blog\/student-loan-nelfund-disburses-n2-5-billion-to-institutions-across-nigeria\/","url_meta":{"origin":556,"position":3},"title":"Student Loan: NELFUND Disburses N2.5 Billion To Institutions Across Nigeria","author":"Tobias Sylvester","date":"August 24, 2024","format":false,"excerpt":"Using the concepts written previously, rewrite this article in plain English with a high degree of perplexity and burstiness: The Nigerian Education Loan Fund (NELFUND) has begun the distribution of N2.5 billion in student loans to various educational institutions across Nigeria. This move is a significant step toward supporting students\u2026","rel":"","context":"In &quot;Loans&quot;","block_context":{"text":"Loans","link":"https:\/\/plotterwave.com\/blog\/category\/loans\/"},"img":{"alt_text":"Nelfund Student Loan Payment Status","src":"https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/08\/NELFUND-Untitled-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/08\/NELFUND-Untitled-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/08\/NELFUND-Untitled-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/08\/NELFUND-Untitled-2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/08\/NELFUND-Untitled-2.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/08\/NELFUND-Untitled-2.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":1417,"url":"https:\/\/plotterwave.com\/blog\/full-list-kano-borno-benue-lead-nelfund-student-loan-applications-apply-now\/","url_meta":{"origin":556,"position":4},"title":"Full List: Kano, Borno, Benue Lead NELFUND Student Loan Applications \u2013 Apply Now","author":"Tobias Sylvester","date":"August 31, 2024","format":false,"excerpt":"Kano State leads in applications for the Nigerian Education Loan Fund (NELFUND) student loan scheme, showing a strong demand for educational financial support in the state. NELFUND Student Loan Applications From the data shared by NELFUND on its official X handle, Kano is leading the chart with 17,122 applications. The\u2026","rel":"","context":"In &quot;Loans&quot;","block_context":{"text":"Loans","link":"https:\/\/plotterwave.com\/blog\/category\/loans\/"},"img":{"alt_text":"NELFUND Announces Delay In August Student Loan Disbursements","src":"https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/08\/NELFUND.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/08\/NELFUND.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/08\/NELFUND.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/plotterwave.com\/blog\/wp-content\/uploads\/2024\/08\/NELFUND.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1623,"url":"https:\/\/plotterwave.com\/blog\/nelfund-announces-delay-in-august-student-loan-disbursements\/","url_meta":{"origin":556,"position":5},"title":"NELFUND Announces Delay In August Student Loan Disbursements","author":"Tobias Sylvester","date":"September 13, 2024","format":false,"excerpt":"The Nigerian Education Loan Fund (NELFUND) has issued an update regarding the disbursement of August stipends, informing students of an unexpected delay. NELFUND Student Loan Delay According to a statement by the NELFUND\u2019s spokesperson, Oseyemi Oluwatuyi, this hold-up is attributed to the current payment processing and necessary security checks. 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