By Blessing Obi
The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of over N22 billion in student loans, benefiting 215,514 students across 240 institutions. In addition to covering institutional fees, the agency has also provided upkeep support amounting to N12,818,960,000 to 169,114 students, offering each beneficiary N20,000 monthly to assist with living expenses.
Speaking at a news conference in Abuja on Monday, the Managing Director of NELFUND, Akintunde Sawyerr, disclosed that the agency received 364,042 applications over 229 days, averaging 1,000 applications daily.
“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,” Sawyerr said.
As part of its commitment to efficiency and transparency, NELFUND has set February 21, 2025, as the official closing date for the 2023/2024 student loan application cycle. The 2024/2025 application cycle will commence the following day, February 22, 2025. Sawyerr assured applicants who had successfully submitted their applications before the deadline that their requests would be processed in line with NELFUND’s guidelines.
“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,” he stated.
Sawyerr urged prospective applicants for the 2024/2025 cycle to begin preparations by gathering necessary documents to streamline the application process
Acknowledging delays in application processing, Sawyerr attributed them to the verification procedures conducted by institutions, which directly affect the payment of institutional fees and upkeep support. He explained that upkeep payments are made only after institutional fees are confirmed, typically with a gap of one to two weeks between both payments.
To improve efficiency, NELFUND is updating its student database to ensure that only active students receive financial support, aligning with the transition to the 2024/2025 academic session.
As NELFUND continues to provide financial relief for students across Nigeria, its commitment to transparency, efficiency, and timely support remains a priority. With the new application cycle on the horizon, eligible students are encouraged to prepare and take advantage of the opportunity to secure financial aid for their education.
