The Nigerian Education Loan Fund (NELFUND) has announced that the 2023/2024 student loan application cycle will close on February 21, 2025.
Managing Director Akintunde Sawyerr made this known at a news conference in Abuja, stating that the application cycle for the 2024/2025 academic year would commence the following day, February 22.
According to Sawyerr, this transition reflects NELFUND’s commitment to efficiency, transparency, and continuous improvement of the loan scheme.
“NELFUND remains dedicated to providing financial support to students, ensuring that no deserving individual is denied education due to financial constraints,” he said.
He revealed that in just 220 days, the fund had received 364,042 applications, averaging 1,000 applications per day.
“So far, N22,736,960,971.58 has been disbursed to cover institutional fees across 150 institutions, directly benefiting 215,514 students.
“Additionally, a total of N12,818,960,000 has been provided as upkeep support, reaching 169,114 students, each receiving N20,000 monthly to assist with living expenses.”
Sawyerr reassured applicants who had successfully submitted their applications before the deadline that they would be processed in line with the fund’s guidelines.
“Our team remains committed to ensuring a fair and timely review of all pending applications.
“This transition is necessary to streamline operations, align with the academic calendar, and enhance our ability to process applications efficiently,” he added.
Meanwhile, NELFUND is planning to update its system and students’ database to identify dropouts who continue receiving stipends.
Speaking at the news conference, the fund’s Executive Director of Operations, Mustapha Iyal, said the update was necessary to ensure accuracy.
“What we’re aiming to do right now is to update our system, particularly the students’ database. Without this, it is difficult to determine who has left school.
“So, we are working closely with institutions to get updated data.”
Iyal added that the 2024/2025 application cycle would provide an opportunity to refine the database, ensuring that only eligible students continue receiving support.
“Some applicants may not receive the next upkeep payment if they attended only the 2023/2024 session but did not transition into the 2024/2025 academic year,” he said.
