UPDATED: NELFUND disburses N22b to 200,000 students, opens 2024/2025 application

The Nigerian Education Loan Fund (NELFUND) has announced that it has disbursed over N22 billion in student loans to over 200,000 applicants.

This comes as it has also announced the closure of the 2023/2024 application process and the opening of the 2024/2025 application portal.

Speaking at a press conference in Abuja on Monday, the Managing Director of the Fund, Akintunde Sawyerr, revealed that while the 2023/2024 application will close on February 21, 2025, the 2024/2025 application will open on February 22.

Sawyerr said the Fund has also disbursed N12,818,960,000 in upkeep support to 169,114 students.

“In just 220 days, we have received an impressive 364,042 applications, with an average of 1,000 applications per day. 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. 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.

“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,” he said.

The Managing Director urged potential applicants to start preparing by collecting the required documents, assuring those who submitted their applications on time that their submissions would be reviewed in accordance with the Fund’s standard procedures.