The Nigerian Educational Loan Fund (NELFUND) has announced plans to disburse N850 million to institutions as fees today, Wednesday.

This latest disbursement comes on the heels of the N1.7 billion already paid out to approximately 20,000 students.

According to the Managing Director of NELFUND, Akintunde Sawyer, the funds will be transferred to the institutions today, bringing the total amount disbursed to N2.55 billion.

Sawyer made this revelation during a press briefing in Abuja on Wednesday.

He noted that a total of 260,000 loans, including institutional fees and upkeep, have been approved, with over 1.2 million students expected to benefit from the program.

The Nigerian Educational Loan Fund was established to provide financial support to students, and its take-off was made possible by President Bola Tinubu’s approval of N35 billion on April 3.