The Nigerian Education Loan Fund has approved the disbursement of student loan to successful applicants.

NELFUND held its inaugural board meeting on Wednesday, marking a milestone in its mission to support students with financial aid.

Under the leadership of its Chairman, Mr Jim Ovia, the board approved the immediate disbursement of student loans to successful applicants.

A late Wednesday statement obtained from the agency’s X account revealed this.

The press release was titled, “NELFUND Holds Inaugural Board Meeting as Student Loan Disbursement Tops Agenda.”

It was signed by its Head, Media and Public Relations, Nasir Ayitogo.

The meeting, attended by the fund’s management and representatives of member organisations, also laid the groundwork for future initiatives to enhance educational opportunities and support students across various disciplines.

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The approval of the loans by NELFUND signifies a step towards empowering the next generation of leaders through education.

The statement read, “The Nigerian Education Loan Fund (NELFUND) on Wednesday, June 26, 2024 held the inaugural meeting of its board in Abuja.

“The meeting marked a significant milestone in the organisation’s commitment to empowering students through financial support.

“Under the leadership of of the Board Chairman, Mr. Jim Ovia, top in agenda was the approval for disbursement of student loan to successful applicants.”

According to the statement, this phase align with the presidency’s dream of improving the quality of education and making it affordable for all.

“This decision underscores President Bola Ahmed Tinubu’s dedication to providing timely and essential financial assistance to students in need, enabling them to pursue their educational goals without undue financial stress.

“By approving the immediate disbursement of the loans, NELFUND is taking a critical step in fulfilling its mission to support education and empower the next generation of leaders.

“Also present at the meeting were the management of the fund led by the Managing Director/CEO, Mr Akintunde Sawyerr and representatives of member organisations,” it concluded.

Tinubu had on April 3, 2024, signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.

The registration for the programme took off in May with 1.2 million students in federal tertiary institutions across the country – starting the first batch.