The Nigerian Education Loan Fund (NELFUND) has disbursed N22 billion in student loans to 200,000 beneficiaries in different institutions across the country.
This is even as NELFUND officially closes the 2023/2024 application process and opens the portal for the 2024/2025 academic session.
Akintunde Sawyerr, the Managing Director of the Fund, revealed at a press conference in Abuja on Monday that the 2023/2024 application process will close on February 21, 2025, while the portal for the 2024/2025 applications will open the following day, February 22.
Sawyerr also announced that the Fund has disbursed a total of N12,818,960,000 in upkeep support to 169,114 students.
According to him, “In just 220 days, we have received an impressive 364,042 applications, with an average of 1,000 applications per day. I am proud to announce that N22,736,960,971 has been disbursed to cover institutional fees across 240 institutions, directly benefiting 215,514 students. Furthermore, a total of N12,818,960,000 has been disbursed as upkeep support, reaching 169,114 students, each receiving N20,000 monthly to assist with their living expenses.
“As part of our commitment to efficiency, transparency, and continuous improvement, we are here today to formally announce the closure of the 2023/2024 application cycle on our student loan portal. This marks a critical transition as we prepare to open the 2024/2025 application cycle.
Read also: Student loan 2024/2025 application portal opens Feb 22
“The 2023/2024 student loan application portal will officially close on February 21, 2025. We want to reassure all applicants who have successfully submitted their applications before this deadline that their applications will be processed in line with our established guidelines. Our team remains committed to ensuring a fair and timely review of all pending applications.
“I am pleased to announce that the 2024/2025 application cycle will officially commence on February 22, 2025. This transition is a necessary step to streamline our operations, align with the academic calendar, and enhance our ability to process applications efficiently,” he said.
The Managing Director urged potential applicants to start preparing by collecting the required documents, assuring those who submitted their applications on time that their submissions would be reviewed in accordance with the Fund’s standard procedures.
Also speaking, Mustapha Iyal, the Executive Director of Operations at NELFUND, revealed that the Fund is in the process of updating its system and students’ database to identify dropouts who are still receiving stipends.
Iyal explained, “Our current focus is to update our system, which includes refreshing the students’ database. Without this update, it’s difficult to determine who is no longer in school. We are working closely with institutions to address this.”
He further noted that the Fund has accumulated extensive data from relevant institutions, but many applicants continue to emerge without the necessary updates.
He added that the 2024-2025 application cycle would offer an opportunity to update the Fund’s database.
He also noted that many applicants may not receive the next upkeep support, as they only participated in the 2023-2024 session but were unable to progress into the 2024-2025 academic year.
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