Abuja, Nigeria – The Nigerian Education Loan Fund (NELFund) will begin the 2024/25 student loan application cycle on February 22, 2025.
During a press briefing in Abuja on Monday, Akintunde Sawyerr, Managing Director of NELFund, shared this information.
He explained that the current application cycle for the 2023/24 academic year will close on February 21, 2025.
Thus, this closure paves the way for the new cycle to start the next day.
“I’m pleased to announce that the 2024 to 2025 application cycle will officially commence on February 22, 2025,” he stated.
Record-Breaking Application Numbers
Sawyerr provided updates on the fund’s activities, revealing that NELFund received 364,042 applications in only 220 days.
This averages about 1,000 applications daily, demonstrating a high demand.
He also noted the fund disbursed N22.7 billion to cover institutional fees for 150 tertiary institutions, which directly benefited 215,514 students.
Furthermore, NELFund allocated N12.8 billion in upkeep allowances to support 169,114 students with their living expenses.
This support helps alleviate financial burdens, allowing students to focus more on their studies.
Each student receives a monthly stipend of N20,000 under this initiative.
Transitioning to a New Cycle
Sawyerr emphasized that closing the current application cycle and opening the next are crucial for enhancing the fund’s operational efficiency. Furthermore, these steps align with the academic calendar, ensuring a smoother process for all involved.
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He stated, “As part of our commitment to efficiency, transparency, and continuous improvement, we announce the closure of the 2023 to 2024 session application cycle on our student loan portal.”
This announcement reflects our dedication to serving students effectively.
He assured applicants who submitted their applications before the February 21 deadline that their requests will be processed according to established guidelines.
Consequently, applicants can expect timely updates and support throughout this process.
“Our team remains committed to ensuring a fair and timely review of all pending applications,” he added.
Background on NELFund’s Student Loan Scheme
The student loan initiative was originally enacted by President Bola Tinubu in June 2023 as a policy aimed at providing interest-free loans to students in Nigeria.
Although initially slated for implementation in October 2023, the program faced delays and was re-enacted in April 2024.
The loan application portal officially opened in May 2024 with a pilot phase targeting federal tertiary institutions.
As NELFund prepares for the next application cycle, Sawyerr reaffirmed the organization’s dedication to supporting students across Nigeria.
“This transition is a necessary step to streamline NELFund’s operations, align with the academic calendar, and enhance our ability to process applications efficiently,” he said.
The upcoming application cycle is expected to continue building on the successes recorded so far, ensuring that more Nigerian students have access to financial support for their education.
