The Nigerian Education Loan Fund (NELFUND) has announced that applications for the 2024/25 student loan cycle will officially open on February 22, 2025.
Speaking at a press briefing in Abuja on Monday, Akintunde Sawyerr, Managing Director of NELFUND, confirmed that the 2023/2024 loan application portal will close on February 21, making way for the new cycle.
“I’m pleased to announce that the 2024 to 2025 application cycle will officially commence on February the 22nd, 2025,” he said.
Sawyerr provided an update on the loan disbursement, revealing that in the last 220 days, the agency has received 364,042 applications, averaging 1,000 applications per day.
“I am proud to announce that N22,736,960,971.58 has been disbursed to cover institutional fees across 150 institutions directly benefiting 215,514 students,” he said.
Additionally, N12,818,960,000 has been allocated for upkeep support, reaching 169,114 students, each receiving N20,000 monthly to assist with living expenses.
Sawyerr emphasized NELFUND’s commitment to maintaining efficiency, transparency, and continuous improvement in its operations.
“As part of our commitment to efficiency, transparency and continuous improvement, we are here today to announce the closure of the 2023 to 2024 session application cycle on our student loan portal,” he said.
He reassured students that all submitted applications before the February 21 deadline would be processed accordingly.
**“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.”**
According to Sawyerr, the transition from one academic cycle to another is necessary to streamline operations, align with the academic calendar, and enhance the efficiency of processing applications.
