The Nigerian Education Loan Fund (NELFUND) has warned that institutions violating the terms of the students\u2019 loan scheme will face administrative sanctions, even as the agency lacks direct authority to penalize them. <\/p>\n\n\n\n
Akintunde Sawyerr, Managing Director of NELFUND, clarified that while the fund cannot suspend or expel erring school officials, any illegal activities uncovered will be reported to the Minister of Education for disciplinary action. <\/p>\n\n\n\n
Sawyerr issued the warning during a stakeholders\u2019 workshop in Abuja on Wednesday, focusing on the automation of NELFUND\u2019s loan application process. He emphasized that institutions withholding loan details from beneficiaries are breaking the law. <\/p>\n\n\n\n
Addressing challenges in loan accessibility, Sawyerr urged higher education institutions to act promptly in disbursing funds once received from NELFUND. <\/p>\n\n\n\n
\u201cWe have disbursed funds to 303 institutions on behalf of 293,000 students,\u201d he revealed. \u201cOver 500,000 students have successfully applied, though not all are approved. About 570,000 have registered\u2014some are still reviewing the process before applying.\u201d <\/p>\n\n\n\n
He explained NELFUND\u2019s approach: \u201cWe engage institutions beforehand, guiding both students and management on how the scheme operates.\u201d <\/p>\n\n\n\n
Meanwhile, NELFUND disclosed that it has distributed N54 billion out of the N203 billion allocated for the student loan program. Sawyerr shared these details during a meeting with the House of Representatives Committee on Students Loans, following allegations by the ICPC of irregularities in loan disbursements by some schools.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Nigerian Education Loan Fund (NELFUND) has warned that institutions violating the terms of the students\u2019 loan scheme will face administrative sanctions, even as the agency lacks direct authority to penalize them. Akintunde Sawyerr, Managing Director of NELFUND, clarified that while the fund cannot suspend or expel erring school officials, any illegal activities uncovered will be reported to the Minister of Education for disciplinary action. Sawyerr issued the warning during a stakeholders\u2019 workshop in Abuja on Wednesday, focusing on the automation of NELFUND\u2019s loan application process. He emphasized that institutions withholding loan details from beneficiaries are breaking the law. Addressing challenges in loan accessibility, Sawyerr urged higher education institutions to act promptly in disbursing funds once received from NELFUND. \u201cWe have disbursed funds to 303 institutions on behalf of 293,000 students,\u201d he revealed. \u201cOver 500,000 students have successfully applied, though not all are approved. About 570,000 have registered\u2014some are still reviewing the process before applying.\u201d He explained NELFUND\u2019s approach: \u201cWe engage institutions beforehand, guiding both students and management on how the scheme operates.\u201d Meanwhile, NELFUND disclosed that it has distributed N54 billion out of the N203 billion allocated for the student loan program. Sawyerr shared these details during a meeting with the House of Representatives Committee on Students Loans, following allegations by the ICPC of irregularities in loan disbursements by some schools.<\/p>\n","protected":false},"author":2,"featured_media":25089,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51],"tags":[],"class_list":["post-25097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/25097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25097"}],"version-history":[{"count":1,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/25097\/revisions"}],"predecessor-version":[{"id":25098,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/25097\/revisions\/25098"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/media\/25089"}],"wp:attachment":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}