The Nigerian Education Loan Fund (NELFUND) said its system and database are undergoing updating.
NELFUND Executive Director, Operations, Mr. Mustapha Iyal, announced this while speaking to newsmen in Abuja at a press conference which had the agency’s Managing Director, Mr. Akintunde Sawyerr in attendance.
Iyal mentioned that the exercise became necessary in order to ensure that students that drop out of school do not continue to enjoy the scheme.
“What we’re aiming to do right now is to update our system. And part of the update that we’re doing presently is updating the students’ database.
“This is because, without the update, you don’t know who is out of school. So, what we’re doing right now is that we’re dealing with institutions,” the Director stated.
In his own remark, the Managing Director made it known that NELFUND received 364,042 applications in 229 days, with an average of 1,000 applications per day.
“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 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 Friday (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.
“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,” Sawyerr said.
