The Nigerian Education Loan Fund Executive Secretary, Akin Sawyerr has revealed that in a bid to avoid diversion, student loans will be disbursed directly to the institutions of applicants.
Sawyerr also revealed that students who take the loans must repay them two years immediately after completion of the mandatory National Youth Service Corps NYSC.
He made this known during a meeting with the Executive Secretary of the National Universities Commission, Chris Maiyaki in Abuja.
Sawyer at the meeting said that the sources of NELF funding included; one per cent of all profits accruing to the Federal Government from oil and other minerals; one per cent of taxes, levies and duties accruing from the Federal Inland Revenue Service, Nigeria Immigration Service, Nigerian Custom Service; Education Bonds and Education Endowment Fund schemes.
According to him, the Education Loan would also be funded through donations, gifts, endowment and revenue accruing from any other source.
