President Bola Tinubu inaugurated the Nigerian Education Loan Fund (NELFund) on Wednesday at the State House council chamber. The event was attended by the leadership of the National Assembly, the Secretary to the Government of the Federation, several ministers, agency heads, and the board and management team of NELFund, led by Chairman Jim Ovia.
During the launch, President Tinubu activated the NELFund portal and distributed symbolic cheques to students and educational institutions. Akintunde Sawyerr, the MD/CEO of NELFund, announced that the portal had already received over 110,000 loan applications.
This development follows President Tinubu’s recent approval of ₦35 billion for the scheme’s launch, aiming to support 70,000 initial applicants. Jim Ovia approved the disbursement of loans to successful applicants during the board’s inaugural meeting in Abuja last month.
The student loan scheme aims to provide financial assistance, including tuition fees and stipends, to eligible students across the country. Over 1.2 million students are expected to benefit from the first phase of the program.
