The Nigerian Educational Loan Fund on Tuesday said it would disburse the sum of N850M to institutions as fees Today (Wednesday).

This is apart from the over N1.7Bn that has been disbursed to about 20,000 students.

The Managing Director of the Fund, Akintunde Sawyer, made this known during an ongoing press briefing in Abuja.

“The sum of N850M will be leaving the account of NELFUND Today to institutions. This is apart from the N1.7Bn naira that has already been disbursed.”

Earlier, Sawyer revealed that the Fund had disbursed institutional fees to 20,000 students through their institutions.

He also noted that a total of 260,000 loans including institutional fees and upkeep have been approved.

No fewer than 1.2 million students are expected to benefit from this cardinal programme of President Bola Tinubu’s administration.

The President approved N35bn for the take-off of the scheme after signing the law backing the scheme on April 3.