The Nigerian Education Loan Fund (NELFUND) has announced the distribution of over N489 million in student loans to assist students at Ladoke Akintola University of Technology (LAUTECH) in Ogbomoso, Oyo State, as part of its commitment to enhancing access to education.
This announcement was made on the official NELFUND X account on Friday, detailing the release of funds in three distinct tranches aimed at easing financial pressures and facilitating educational opportunities for Nigerian students.
NELFUND stated, “We are thrilled to report the disbursement of funds to LAUTECH students in three phases: N8,670,000 was allocated to 52 students on September 5, 2024; N83,916,000 was provided to 666 students on November 1, 2024; and N397,152,000 was distributed to 1,553 students on March 5, 2025.
The organization further emphasized its commitment to supporting students throughout their academic journeys, highlighting the importance of these investments.
The first tranche, released on September 5, provided N8.67 million to 52 students, offering essential financial assistance early in the semester. This was followed by a larger allocation of N83.916 million to 666 students on November 1, showcasing our increased outreach.
The final and most significant tranche, amounting to N397.152 million, was distributed on March 5, benefiting 1,553 students and exemplifying NELFUND’s expanding capabilities to support higher education.
This initiative aligns with NELFUND’s fundamental purpose, established under the Student Loans (Access to Higher Education) Act of 2024, which aims to eliminate financial obstacles and promote equitable access to tertiary education throughout Nigeria.
The phased funding strategy reflects a thoughtful response to the evolving needs of students during the academic year.
With a total disbursement of N489,738,000 to 2,271 LAUTECH students, NELFUND plays a crucial role in advancing President Bola Tinubu’s Renewed Hope Agenda, which emphasizes education as a key element of national development.
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