The Nigerian Education Loan Fund (NELFUND) has announced that applications for the 2024/2025 student loan cycle will commence on February 22, 2025. This comes as the 2023/2024 cycle is set to close on February 21, 2025.
Speaking at a media briefing in Abuja, NELFUND’s Managing Director, Akintunde Sawyerr, assured that all applications submitted before the deadline for the 2023/2024 cycle would be processed accordingly. He urged prospective applicants to prepare in advance and meet the eligibility criteria outlined on the NELFUND portal.
“This transition is essential to streamline our operations, align with the academic calendar, and improve the efficiency of our loan processing system. We encourage all prospective applicants to gather the necessary documents and ensure they meet the eligibility requirements,” Sawyerr stated.
He emphasized that the shift from one cycle to another aims to enhance the loan disbursement process, making it more transparent and effective.
“Closing the 2023/2024 cycle and opening a new one is not just procedural; it is a strategic move to optimize our processes and ensure equitable distribution of funds,” he added.
NELFUND’s Achievements and Future Plans
Since its inception 220 days ago, NELFUND has received 364,042 applications, averaging 1,000 applications per day. The fund has disbursed over ₦35.5 billion to support students, covering institutional fees and upkeep allowances.
“We have disbursed ₦22.7 billion for institutional fees across 240 institutions, benefiting 215,514 students. Additionally, ₦12.8 billion has been allocated as upkeep support, providing ₦20,000 monthly stipends to 169,114 students,” Sawyerr disclosed.
While acknowledging challenges in payment delays, NELFUND’s Executive Director of Operations, Yau Mustapha, attributed the issue to some institutions failing to provide necessary student data on time. He assured that the fund is working closely with schools to update and reconcile records, ensuring only eligible students receive payments.
Meanwhile, the Executive Director of Finance and Administration, Femi Fred Akinfala, hinted at a possible upward review of student stipends to accommodate the country’s inflationary trends, though he noted that such a decision would be based on specific financial parameters.
NELFUND was established to provide non-interest loans to students in public universities across Nigeria, ensuring that financial constraints do not hinder access to higher education.
Sawyerr expressed gratitude to President Bola Ahmed Tinubu, stakeholders, and partners for their continued support in making education more accessible to Nigerian students.
“Our commitment remains unwavering in ensuring that students receive the financial assistance they need for a brighter future,” he concluded.
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