The Nigerian Education Loan Fund, NELFUND, has declared that school dropouts will no longer benefit from the education loan, as plans are ongoing to update NELFUND’s system and the database.
NELFUND Managing Director, Akintunde Sawyerr, represented by the Executive Director of Operations, Mustapha Iyal, who addressed newsmen in Abuja stated that, beneficiaries who got stipends in the 2023/2024 academic session will not get in the 2024/2025 application cycle.
“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 agency, which announced the closure of the 2023/2024 student loan application cycle on Friday, February 21, 2025, said it has disbursed N12,818,960,000 at N20,000 monthly as upkeep to 169,114 students, and over N22 billion to 215,514 students.
Sawyerr said NELFUND received 364,042 applications in 229 days, with an average of 1,000 applications per day; however, portal for the 2024/2025 application cycle will open on February 22.
“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.
“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.”
Sawyerr said: “Our team remains committed to ensuring a fair and timely review of all pending applications.”
“This transition is a necessary step to streamline our operations, align with the academic calendar and enhance our ability to process applications efficiently.”
“NELFUND remains dedicated to providing financial support to students, ensuring that no deserving individual is denied education due to financial constraints.”
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.
Sawyerr noted that upkeep payments are made only after institutional fees are confirmed, with a gap of a week or two between the two payments.