The Nigerian Education Loan Fund (NELFUND) has disbursed more than N22.7 billion in student loans to 215,514 students across 240 institutions, reinforcing its commitment to making higher education accessible. Additionally, the agency has provided N12.8 billion in upkeep support to 169,114 students, with each recipient receiving N20,000 monthly to help cover living expenses.
Speaking at a news conference in Abuja, NELFUND’s Managing Director, Akintunde Sawyerr, revealed that the agency received 364,042 applications over 229 days, averaging 1,000 applications daily. He described the massive response as proof of the program’s impact and necessity.
With the current application cycle coming to an end, Sawyerr announced that the 2023/2024 student loan portal would officially close on February 21, 2025. He assured all applicants who submitted their requests before the deadline that their applications would be processed in accordance with NELFUND’s guidelines. To maintain efficiency and align with the academic calendar, the agency will open the 2024/2025 application cycle on February 22, 2025.
“This transition is crucial for streamlining operations and ensuring a smooth, transparent process for all applicants,” Sawyerr stated. He encouraged potential applicants to begin gathering the necessary documents in preparation for the next phase.
To ensure funds reach only active students, NELFUND is updating its student database. Sawyerr acknowledged that delays in processing applications often stem from verification procedures conducted by benefiting institutions, which confirm students’ enrollment before funds are released. Institutional fees must be paid before upkeep funds are disbursed, typically creating a delay of one to two weeks.
Despite these challenges, NELFUND remains committed to supporting students and preventing financial barriers from obstructing their education. “We are dedicated to ensuring that no deserving student is denied access to education due to financial constraints,” Sawyerr affirmed.
