The Nigerian Education Loan Fund (NELFUND) has announced the closure of its 2023/2024 student loan application cycle on February 21, 2025.

This announcement comes as the Fund plans to update its system and student database to identify dropouts who may still be receiving stipends.

The Managing Director of NELFUND, Akintunde Sawyerr, made the disclosure while addressing newsmen in Abuja on Monday.

He also revealed that the 2024/2025 application cycle would commence the following day, February 22, 2025.

Sawyerr explained that the transition to the 2024/2025 cycle demonstrates the organization’s commitment to efficiency, transparency, and continuous improvement of the scheme.

“We remain dedicated to providing financial assistance to students, ensuring that no deserving individual is denied education due to financial constraints,” Sawyerr said.

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

*Today, we are formally announcing 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.”

Sawyerr assured applicants who submitted their applications before the deadline that their submissions would be processed according to established guidelines.

He emphasized that the team is 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.

Sawyerr also encouraged prospective applicants to begin preparing by gathering the necessary documentation and ensuring they meet the eligibility criteria outlined on the NELFUND portal.

“This transition is not just about closing one phase and opening another. It is about ensuring we optimize our processes for a more effective loan disbursement system,” he said.

“By adhering to a structured application cycle, we can evaluate applications more effectively and ensure that funds are distributed equitably and transparently.”

He reassured all stakeholders that every application received within the stipulated timeframe would be treated with diligence and impartiality.

“At NELFUND, we remain unwavering in our commitment to transparency, accountability, and fairness,” he added.

Sawyerr also shared the Fund’s achievements to date: “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.

“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.”

He reiterated that those who submitted their applications before the deadline would have their applications processed according to the Fund’s guidelines.

“Our team remains committed to ensuring a fair and timely review of all pending applications,” Sawyerr said.

“This transition is essential to streamline our operations, align with the academic calendar, and enhance our ability to process applications efficiently.”

Meanwhile, Mr. Mustapha Iyal, Executive Director of Operations at NELFUND, emphasized that the system and database upgrade was necessary to ensure that only students currently enrolled in school continue to receive stipends.

“What we’re aiming to do right now is to update our system, and part of that process involves updating the student database.

“Without this update, we cannot accurately identify those who have dropped out of school.

“We are currently working with institutions to ensure this update is successful,” Iyal explained.