NELFUND Releases N2bn Student Loan: BUK, Unimaid Get Lion’s Share of 71%

NELFUND Releases N2bn Student Loan: BUK, Unimaid Get Lion’s Share of 71%

In a major boost to higher education accessibility in Nigeria, the Federal government has disbursed over ₦2 billion in student loans to over 20,000 students across six universities in the country.

Economic Confidential reports that the largest beneficiary was Bayero University Kano (BUK), which received ₦853,775,000.00 in loans for 7,788 students, accounting for 42% of the total disbursement.

The University of Maiduguri (Unimaid) followed closely, receiving ₦589,001,500.00 for 5,839 students, or 29% of the total.

Other universities that received significant loan amounts include the Federal University, Dutsin-Ma ₦304,961,800.00 for 3,540 students, the University of Ibadan ₦201,114,650.00 for 1,570 students, the University of Ilorin (₦52,897,890.00 for 902 students), and the University of Benin ₦24,412,500.00 for 432 students.

In total, the government disbursed ₦2,026,163,340.00 in student loans to 20,371 beneficiaries across these six institutions, providing much-needed financial support to help increase access to quality higher education.

The student loan scheme is part of the administration of President Bola Ahmed Tinubu’s broader efforts to tackle the challenges of funding and affordability that have long hindered many Nigerians from pursuing university education.

By easing the financial burden on students and their families, the program aims to open up opportunities for more young people to acquire the skills and knowledge needed to drive the country’s development.

Economic Confidential further gathered that the figures does not include monthly upkeep. The upkeep of the students is being processed direct to their accounts.

By PRNigeria