…as NELFund disbursed over N22 billion in the 2023/2024 window
The Nigerian Education Loan Fund (NELFUND) has announced that the student loan application portal for 2024/2025 will be opened on Saturday, February 22; this is as the 2023/2024 bid window closes on Friday, February 21.
Akintunde Sawyerr, the managing director of NELFUND, disclosed this on Monday, February 17, at a news conference in Abuja, when he announced the closure of the 2023/2024 application cycle.
“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. The 2023/2024 student loan application portal will close on February 21, 2025.
We want to make sure that all applicants who have successfully submitted their applications before this deadline 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,” Sawyerr said.
Sawyerr further said that the said agency received a total of 364,042 applications in 229 days, with an average of 1,000 applications per day.
“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 over N22 billion has been disbursed to cover institutional fees across 240 institutions, directly benefiting 215,514 students,” he disclosed.
In addition, he said that NELFund has disbursed not less than N13 billion in upkeep support to 169,114 students, each receiving N20,000 monthly to assist with their living expenses.
Besides, Sawyerr said that the transition to the 2024/2025 cycle was a demonstration of the organisation’s commitment to efficiency, transparency, and continuous improvement of the scheme.
He encouraged prospective applicants to start preparing by collecting the required documents, assuring those who submitted their applications on time that their submissions would be reviewed by the agency’s standard procedures.
The managing director reassured applicants who had successfully submitted their applications before the deadline that their applications would be processed, in line with the fund’s established guidelines.
“Our team remains committed to ensuring a fair and timely review of all pending applications.
“This transition is a necessary step to streamline our operations, align with the academic calendar, and enhance our ability to process applications efficiently.
“NELFUND remains dedicated to providing financial support to students, ensuring that no deserving individual is denied education due to financial constraints,” he said.
He reiterated that the agency was updating its student database to ensure only active students receive support, with a focus on moving into the 2024-2025 academic session.
Meanwhile, he blamed the delays in processing applications on benefitting institutions that verify students’ information, adding that the delay affects the payment of institutional fees and upkeep.
He noted that upkeep payments are made only after institutional fees are confirmed, with a gap of a week or two between the two payments.
Charles Ogwo
Charles Ogwo, Head, Education Desk at BusinessDay Media is a seasoned proactive journalist with over a decade of reportage experience. @BusinessDay
