The Nigerian Education Loan Fund, NELFUND, is set to open application for the 2024/2025 cycle beginning February 22, 2025.
The fund also said the 2023/2024 cycle would close on February 21, 2025 giving rise to the new application cycle. It assured that all applications received before the deadline of the 2023/2024 cycle would be processed.
Managing Director of NELFUND Akintunde Sawyerr stated this during a media briefing in Abuja Nigeria.
He urged all prospective applicants to begin preparation to meet the criteria as outlined on the NELFUND portal.
“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.
“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 the educational loans,” he said.
He said the closing of the 2023/2024 cycle and the commencement of a new one is to ensure a more effective and transparent loan disbursement system
“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.
“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 moreeffectively and ensure that funds are distributed equitably and transparently,” he said.
Sawyerr assured that at closure of the 2023/2024 cycle , all submitted applications before the deadline will be processed according to the established guidelines of the fund.
“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.
“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 said.
According to him, the fund has continued to achieve important milestones in the journey towards making higher education more accessible to all eligible Nigerian students, stressing that the agency remains dedicated to providing financial support to students by ensuring that no deserving individual is denied
education due to financial constraints.
He said In just 220 days, since operations started, NELFUND has received an impressive 364,042 applications with an average of 1,000 applications per day, explaining that successful applicants have mostly gotten their institutional fees and stipends paid amounting to over N35,555,920,971
“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.
The MD expressed gratitude to the HIS Excellency President Bola Ahmed
Tinubu (GCFR), partners, and all stakeholders who continue to support the mission of the fund.
He reaffirmed the fund’s commitment to providing financial assistance to students for a smooth education system in the country.
“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 said.
On the payment delays being experienced by some students in beneficiary institutions, the Executive Director in charge of operations of the Fund, Yau Mustapha said schools should be “blamed for not supplying NELFUND with necessary and required data on time”.
He said NELFUND is also updating and reconciling its database with schools to ensure that those who have left school do not continue to benefit from disbursements from the fund.
Mr. Femi Fred Akinfala, the Executive Director of Finance and Administration of the fund on his part said the agency may review the monthly stipends giving to the students upward, in view of the inflationary trend in the country.
“But this will be done based on certain parameters,” he said.
The NELFUND was established to give non-interest loans to students in public Universities across Nigeria.
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