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NELFund disburses over N1.1bn loans to 20,000 students
NELFund disburses over N1.1bn loans to 20,000 students
The Nigerian Education Loan Fund (NELFUND) says it has disbursed a total of N1.17 billion to 20,000 students in five of the public tertiary institutions that applied for the loan.
The Managing Director of NELFUND, Akintunde Sawyerr, disclosed this at a news conference in Abuja on Wednesday.
Sawyerr, who said that, one more institution would be added to the beneficiaries before the end of the day, noted that NELFUND would keep increasing the number based on applications.
According to him, the fund is working on reviewing another 100 institutions whose application had been received
“I am delighted to share that, following President Bola Tinubu’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1,172,388,340.00 for 20,000 students (100 per cent paid) in the institutions across the country.
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“These institutions were carefully selected based on their academic calendar.
“Disbursement to other institutions will be made at the beginning of their sessions, to ensure a transparent and equitable distribution of resources,’’ he said.
Sawyerr said an additional disbursement of N850 million would leave NELFUND to various institutions due to receive the loans.
He also disclosed that a total of 260,000 students had been approved for payment of upkeep loans and their institutions’ charges
He said that the upkeep loan and institution charges for each student is N250,000 per annum. However, a student could apply less than the approved amount.
According to him, not every student that takes the institution loan wanted the upkeep loan, which would be paid in tranches base on students’ need.
When asked if the loans could be given to Post Graduate students, Sawyerr said the mandate of the fund focuses on undergraduate students with the least opportunities,
“Our focus is on the undergraduate students. It is a fund that enables those who have the least opportunities to get education.
“While we acknowledge that there are students who will want to pursue their postgraduate studies, for now, our target is undergraduate students,’’ he said.
NELFund disburses over N1.1bn loans to 20,000 students
(NAN)
News
Yahaya Bello reports to EFCC office with lawyers
Yahaya Bello reports to EFCC office with lawyers
A former Governor of Kogi State, Yahaya Bello, on Tuesday visited the Economic and Financial Crimes Commission (EFCC) to honour another invitation extended to him over alleged misappropriation of funds.
Bello went to the anti-graft office with his lawyers in the morning.
The ex-Kogi governor reportedly drove himself to the EFCC’s office in a black Toyota Hilux van with some lawyers.
He was said to have been taken by some operatives of the agency and are currently being grilled.
This is coming after the Supreme Court judgment which dismissed a suit brought by some state governments challenging the constitutionality of the agency.
The EFCC at the last hearing on November 14, sought the adjournment till November 27 in the fresh case it instituted against Bello.
It stated that the 30-day window was still running for the summons earlier issued.
News
Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct
Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct
Ebonyi State Governor Francis Nwifuru has announced the immediate suspension of two commissioners with a permanent secretary among others for gross misconduct.
Those suspended are the Commissioner for Housing and Urban Development Francis Ori, and the Commissioner for Health, Moses Ekuma, with the Permanent Secretary of the Ministry of Health.
The suspension followed an incident on Saturday night, when the governor reportedly visited the Ministry of Health’s premises and was said to have found six officials diverting government materials.
Others suspended for three months are the Executive Secretaries of the State Primary Healthcare Development Agency and the Ebonyi State Health Insurance Agency
The suspension order was announced by the state Commissioner for Information, Jude Okpor, who cited alleged misconduct and dereliction of duties as the reasons for the disciplinary actions.
Okpor made the disclosure on Tuesday during a press briefing on the outcomes of the State Executive Council meeting held on Monday at the New Government House in Abakaliki, the state capital.
“Following cases of gross misconduct and dereliction of duties by some government officials and matters related thereto, the Chairman of Council directed the indefinite suspension of the Honourable Commissioner for Housing and Urban Development and three months suspension of the Honourable Commissioner for Health, respectively
“In view of the development, the Special Assistant to the Governor on Primary Health was directed to take charge of the ministry in the absence of the suspended commissioner.
Governor Nwifuru directed the suspended government officials to hand over all government properties in their possession including vehicles to the Secretary to the State Government.
News
Why we’re borrowing despite surplus revenues – FG
Why we’re borrowing despite surplus revenues – FG
The Federal Government has defended its decision to borrow to address budget deficits, despite surpassing revenue targets in 2024.
Finance Minister Wale Edun and Budget Minister Atiku Bagudu clarified this position during a session with the National Assembly’s Joint Committee on Finance, Budget, and National Planning. The meeting focused on the 2025–2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Last week, the National Assembly approved President Bola Tinubu’s $2.2 billion loan request to fund the N9.7 trillion deficit in the 2024 budget partially.
During the session, key agency heads, including Nigerian National Petroleum Company Limited (NNPCL) CEO Mele Kyari, Customs Comptroller-General Bashir Adeniyi, and Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji, presented their revenue reports.
The agencies reported exceeding their 2024 targets.
- Customs Service: Generated ₦5.352 trillion by September 30, surpassing its ₦5.09 trillion target for the year. For 2025, the agency projects ₦6.3 trillion, with a 10% increase planned for 2026.
- NNPCL: Achieved ₦13.1 trillion in revenue, exceeding the ₦12.3 trillion projection for 2024. Kyari announced a ₦23.7 trillion revenue target for 2025.
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- FIRS: Surpassed multiple tax collection goals, including ₦5.7 trillion from company income tax against a ₦4 trillion target. Education tax collections also exceeded expectations, reaching ₦1.5 trillion compared to a ₦70 billion target.
Overall, ₦18.5 trillion of the ₦19.4 trillion 2024 revenue target had been achieved by September, indicating the goal will be exceeded by year-end.
Despite these surpluses, the government insists borrowing remains essential to cover budget gaps and support vulnerable populations.
Bagudu explained, “Even with agencies exceeding revenue targets, borrowing is necessary to address deficits and boost productivity, particularly for the poorest. This aligns with Agenda 2050, which aims for a GDP per capita of $33,000.”
Edun also reiterated that loans were critical for adequately funding the budget.
The committee, led by Senator Sani Musa, questioned the rationale behind the borrowing and demanded further transparency. The Immigration Service was specifically asked to provide documents regarding an “unacceptable PPP arrangement” before the end of the week.
The session underscored the government’s balancing act between increased revenues and fiscal challenges requiring external borrowing.
Why we’re borrowing despite surplus revenues – FG
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