NELFUND To Stop Loan For Dropouts

Dropouts still getting stipends are to be taken off the list of beneficiaries, the Nigerian Education Loan Fund (NELFUND) said yesterday.

Executive Director of Operations, Mr. Mustapha Iyal, confirmed that plans have peaked to update NELFUND’s system and the database.

He spoke at a news conference addressed in Abuja by the agency’s Managing Director, Mr. Akintunde Sawyerr.

ALSO READ: Osun LG Saga: Police Condemn Violence, Vows To Deal With Perpetrators

Iyal said some of the beneficiaries who got stipends in the 2023/2024 academic session will not get in the 2024/2025 application cycle.

He said: “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 NELFUND director said the fund had a lot of data from relevant institutions and a lot of their applicants kept coming up.

NELFUND said it has disbursed over N22 billion to 215,514 students.

The agency, which announced the closure of the 2023/2024 student loan application cycle on Friday, said it has disbursed N12, 818,960,000 upkeep to 169,114 students.

The portal for the 2024/2025 application cycle will open on February 22.

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.

“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.”

The NELFUND described the transition to the 2024/2025 cycle as 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.

He assured those who submitted their applications on time that their submissions would be reviewed.

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.”

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.

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.

NATION