The President Bola Tinubu approved N35bn for the take-off of the scheme after signing the law backing the scheme on April 3.
During his speech on the ongoing protest, Tinubu said another N46bn was ready for disbursement.
At least 1.2 million students are expected to benefit from the program.
NELFUND revealed it had disbursed a total of N1.17bn to 20,000 students in five of the public tertiary institutions that applied for the loan.
Osodeke insisted that if the Federal Government could give some people a sum of N90b for Hajj prayer, he did not see reason why government could not give the N35b NELFUND loans to grants for students.
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