The Nigerian Education Loan Fund (NELFUND), says it disbursed a total of N22,736,960,971 to cover institutional fees across 240 institutions, directly benefiting 215,514 students in its 2023/2024 cycle.
Furthermore, the nation's students loan agency disclosed that 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.
The Managing Director/CEO of NELFUND, Mr Akintunde Sawyerr, who disclosed these at a news conference in Abuja on Monday, also announced the closure of 2023/2024 student loan portal and opening of the 2024/2025 applications.
Describing the development as important milestone in the nation's journey towards making higher education more accessible to all eligible Nigerian students, Mr Sawyerr said NELFUND remains dedicated to providing financial support to students, ensuring that no deserving individual is denied education due to financial constraints.
He said:"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 ₦22,736,960,971 has been disbursed to cover institutional fees across 240 institutions, directly benefiting 215,514 students. Furthermore, a total of ₦12,818,960,000 has been disbursed as upkeep support, reaching 169,114 students, each receiving ₦20,000 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. "
According to him, the 2023/2024 student loan application portal will officially close on February 21, 2025.
He reassured all applicants who have successfully submitted their applications before this deadline that their applications will be processed in line with the scheme's established guidelines.
"Our team remains committed to ensuring a fair and timely review of all the pending applications, " he reassured.
He announced that the 2024/2025 application cycle will officially commence on February 22, 2025, explaining that,"This transition is a necessary step to streamline our operations, align with the academic calendar, and enhance our ability to process applications efficiently."
"We encourage all prospective applicants to begin preparations by gathering the necessary documentation and ensuring they meet the eligibility criteria as outlined on the NELFund portal. Our goal is to create a seamless experience for students applying, " he said.
He explained that the transition is not just about closing one phase and opening another but about about ensuring that we optimize our processes for a more effective loan disbursement system.
"By adhering to a structured application cycle, we can evaluate applications more effectively and ensure that funds are distributed equitably and transparently.
"At NELFUND, we remain unwavering in our commitment to transparency, accountability, and fairness. We assure all stakeholders that every application received within the stipulated timeframe will be treated with diligence and impartiality. Our objective is to maintain the integrity of this program while supporting as many students as possible in
achieving their educational aspirations, "he added.
The NELFUND boss thanked President Bola Ahmed Tinubu, partners, and all stakeholders for their continuous support to NELFUND's mission.
"To the students and parents relying on this initiative, I want to reaffirm our dedication to providing the financial assistance needed to secure a brighter future for our youth and, ultimately, for Nigeria, " he added.
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