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NELFUND Disburses ₦86bn To 449,000 Beneficiaries

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The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of ₦86 billion to 449,000 students, selected from a total of 735,000 applications submitted under its student loan scheme.

 

NELFUND Managing Director, Akintunde Sawyerr, in an interview today, detailed the scope of the loan programme and its daily growth.

“As of this morning, 742,000 students have registered on our portal and been cleared as potential applicants. Of that number, 735,000 have applied for the loan, meaning they have completed the process and formally submitted their applications.

“The number of students who have benefitted, meaning those whose school fees have been paid, or whose school fees and stipends have been paid in instalments, stands at 449,000. Applications are growing by about 3,000 to 3,500 per day.

So far, ₦47 billion has been paid to 218 federally and state-owned tertiary institutions, including universities, polytechnics, and colleges of education, while ₦38 billion has been disbursed as stipends. In total, we have disbursed ₦86 billion,” he said on Friday.

Sawyerr also explained that the turnaround time for loan processing is between 30 and 45 days, provided applicants meet all criteria.

“We’re not working to a deadline to pay people; we’re working to a process that is robust, fully auditable, and accountable. Once an application is processed, we send it to the applicant’s institution for verification to confirm the student’s identity, course of study, and fees.

“Only after receiving a signed confirmation from the school do we proceed, and that internal process takes another two to three weeks. If there are issues with any individual or institution during this process, payment will not be made until they are resolved,” he said.

Weighing on the ongoing investigation into the scheme, the NELFUND chief acknowledged concerns about accountability.

“Managing public funds is subject to probity, and vigilance is necessary in the process. There must be responsibility at every stage,” he said, adding that there had been a case of double payment and alleged collusion.

ICPC building. Photo: Facebook/ICPC Nigeria

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) announced in May that it had opened an investigation into alleged discrepancies in the disbursement of student loans, claiming ₦71 billion was unaccounted for.

The ICPC said it was probing reports of illegal deductions, ranging from ₦3,500 to ₦30,000, from students’ institutional fees by some schools. However, NELFUND denied any mismanagement.

 

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FG Issues 6 Fresh Fuel Import Licenses 

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The Nigerian government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, has resumed issuance of petrol import licenses to petroleum marketers. 

 

According to report, the licenses were issued to six petroleum marketers expected to import around 720,000 metric tons of Premium Motor Spirit (petrol).

The report says beneficiaries are major oil marketers such as NIPCO, AA Rano, Matrix, Shafa, Pinnacle, and Bono.

NIPCO is expected to import 120,000 metric tons; AA Rano, 150,000 MT; Matrix, 150,000 MT; Shafa, 120,000 MT; Pinnacle, 120,000 MT; and Bono, 60,000 MT, totaling 720,000 MT of petrol imports.

Although the NMDPRA officially stated the reason for the fresh licenses, Dangote Refinery has reiterated its capacity to meet local fuel consumption demand,while NMDPRA’s recent industrial data showed that the 650,000-barrel-per-day refinery supplied 90 percent of the country’s daily consumption.

NMDPRA’s recent decision toward petrol imports has stirred concerns among stakeholders.

The development comes barely a week after President Bola Ahmed Tinubu appointed Rabiu Abdullahi Umar as Chief Executive Officer of NMDPRA.

President Tinubu had sacked Saidu Mohammed as CEO of NMDPRA while he was on official duty in Germany.

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2027: Atiku Picks ADC’s N90m Nomination Form

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Former Vice President and chieftain of the African Democratic Congress, ADC, Atiku Abubakar has officially obtained his payment receipt for purchase of the party’s presidential election nomination form ahead of the 2027 general elections.

 

The payment for the N90 million nomination form was made on May 8, 2026.

The ADC disclosed this in a post on its official X handle on Saturday.

The post read: “A New Chapter in Nigeria’s Democratic Journey:

“H.E. Atiku Abubakar, GCON, has officially received his payment receipt to contest under the platform of the African Democratic Congress (ADC) ahead of the 2027 Presidential Election.

“This development marks another significant moment in the growing movement for national renewal, democratic inclusion, and people-driven leadership within the ADC.

“As Nigerians continue to seek credible alternatives, the ADC remains committed to providing a strong platform built on unity, competence, economic recovery, security and national progress.

“The formal presentation of nomination forms is expected on Monday at the ADC National Secretariat, Abuja.

“The movement is growing. Hope is rising. Expect more.”

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Consensus: Senator Quits APC For PDP 

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Senator representing Gombe South Senatorial District, Siyako Anthony Yaro, has returned to the Peoples Democratic Party (PDP) after losing the All Progressives Congress (APC) senatorial ticket ahead of the 2027 general elections.

 

Yaro announced his defection in a statement issued to journalists, saying the decision was reached after extensive consultations with political associates, community leaders and supporters across Gombe South.

The lawmaker described the PDP as the political platform that first believed in the collective aspirations of the people of the district and gave him the opportunity to pursue their development agenda.

“This decision was not made lightly. But the PDP remains the party that first believed in our collective dream for a greater Gombe South, a dream of better roads, functional schools, accessible healthcare, and empowered youths and women,” he said.

The senator stressed that his return to the PDP should not be viewed as political desperation or inconsistency, but as a demonstration of responsibility and commitment to the people he represents.

“To my supporters and constituents, I ask that you see this return not as a sign of confusion, but as an act of courage and accountability. My loyalty has always been, and will always be, to the people first,” he stated.

Yaro thanked his supporters for their loyalty and continued support, noting that their encouragement had remained a major source of strength throughout his political career.

He also declared his readiness to continue the political struggle for the people of Gombe South, insisting that he remained committed to defending their interests at all times.

“I am ready to run. I am ready to win. I am ready to continue defending your interests with every breath in my body,” the senator declared.

The lawmaker further urged residents of the district to remain united and focused, saying the future of Gombe South should be determined by the will of its people rather than political interests.

“Let us move forward together. Let us prove that the people of Gombe South are not pawns in any political chess game; we are the architects of our own destiny,” he added.

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