The Nigerian Education Loan Fund (NELFUND) has formally announced the opening of the portal for loan applications by students for the 2024/2025 academic session on Saturday, February 22, 2025, signaling the end of the 2023/2024 loan application cycle.
This is just as the Fund disclosed that it has so far disbursed over N35 billion to cover institutional fees and students upkeep in 240 institutions across the country.
Managing Director of NELFUND, Mr Akintunde Sawyerr, made this known on Monday at a news conference in Abuja, to officially announce closure of 2023/2024 Student Loan Portal &
Opening of 2024/2025 applications.
He revealed that in just 220 days, an impressive 364,042 application with an average of 1,000 applications per day, have been received since the Fund was inaugurated by President Bola Ahmed Tinubu.
While giving breakdown of the loan disbursement, Sawyerr said: “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.
“The 2023/2024 student loan application portal will officially close on February 21, 2025,” he stated.
He, however, clarified that all applicants who have successfully submitted their applications before this deadline, their applications would be processed promptly in line with the established guidelines of the Fund to ensure that eligible students receive the necessary financial support.
“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,” the NELFUND said.
Sawyerr explained that following this transition and opening of the portal on Saturday, February 22, students whose institutions have submitted their data to NELFUND will be eligible to apply for loans under the new academic session.
According to NELFUND, a good number of institutions have successfully transitioned to the 2024/2025 academic session, with a significant number of applications already submitted based on previously captured data.
The Fund added that in order to ensure accuracy and seamless integration, a comprehensive reconciliation process would be undertaken to align these applications with the current academic session.
The NELFUND MD dispelled insinuations about marginalisation of certain parts of the country, saying while sensitization of relevant stakeholders would be sustainable, the Fund is not in a position to force people to take loan.
He reaffirmed the Fund’s commitment to President Bola Ahmed Tinubu’s Renewed Hope Agenda, emphasizing the administration’s dedication to expanding access to education through financial support.
“President Bola Ahmed Tinubu’s Renewed Hope Agenda is transforming education by removing financial barriers for students across Nigeria. The NELFUND student loan programme is a testament to this commitment, ensuring that no Nigerian is denied higher education due to financial constraints.
“As we transition to the 2024/2025 academic session, we urge institutions and students to take full advantage of this opportunity. We remain committed to a transparent, efficient process that ensures equitable access to education for all Nigerian students.
“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
for educational loans.
“This transition is not just about closing one phase and opening another. It is about ensuring that we optimise 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 programme while supporting as many students as possible in achieving their educational aspirations,” he stated
