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The Nigerian Education Loan Fund (NELFUND) has announced the closure of its 2023/2024 student loan application cycle, with plans to commence the 2024/2025 cycle on February 22. This was disclosed by NELFUND’s Managing Director, Akintunde Sawyerr, during a news conference in Abuja.

According to Sawyerr, the transition to the new cycle demonstrates NELFUND’s commitment to efficiency, transparency, and continuous improvement. “NELFUND remains dedicated to providing financial support to students, ensuring that no deserving individual is denied education due to financial constraints,” he said.

Sawyerr revealed that NELFUND received an impressive 364,042 applications within 220 days, with an average of 1,000 applications per day. He also announced that N22,736,960,971.58 has been disbursed to cover institutional fees across 150 institutions, benefiting 215,514 students. Additionally, N12,818,960,000 has been disbursed as upkeep support, reaching 169,114 students, each receiving N20,000 monthly.

Sawyerr reassured applicants that their submissions would be processed fairly and timely. “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,” he said.

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