The Nigerian Education Loan Fund (NELFUND) said it has disbursed over N22 billion under the student loan to 215,514 students.
The agency also said it has disbursed N12,818,960,000 upkeep support to 169,114 students.
It said it would close the 2023/2024 student loan application cycle on Feb. 21 and commence the 2024/2025 application cycle on Feb. 22.
Managing Director of NELFUND, Akintunde Sawyerr disclosed this at a news conference in Abuja on Monday.
Sawyerr said NELFUND received 364,042 applications in 229 days, with an average of 1,000 applications per day.
He said: “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.
The NELFUND boss stated that the transition to the 2024/2025 cycle was a demonstration of the organisation’s commitment to efficiency, transparency, and continuous improvement of the scheme.
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 NELFUND’s standard procedures.
Sawyerr reassured those who had successfully submitted their applications before the deadline that their applications would be processed, in line with the fund’s established guidelines.
Sawyerr said the agency was updating its student database to ensure only active students receive support, with a focus on moving into the 2024-2025 academic session.
He blamed delays in processing applications on benefitting institutions that verify students’ information, adding that the delay affects the payment of institutional fees and upkeep.
He noted that upkeep payments are made only after institutional fees are confirmed, with a gap of a week or two between the two payments.