FG Announces Three-Week Approval Timeline for Student Loan Applications

Currently, applications are only being accepted from students in federal tertiary institutions, with students from state-owned institutions able to apply starting June 25. Students in private institutions are excluded from the scheme at this time.

Jun 12, 2024 - 19:50

FG Announces Three-Week Approval Timeline for Student Loan Applications

The over 100,000 students who have applied for loans under the Nigerian Education Loan Fund (NELFUND) will receive their approvals within three weeks, according to the Federal Government. NELFUND spokesman Mr. Nasir Ayiyogo confirmed that the application process has been smooth, though no loans have been disbursed yet.

“The applications are still ongoing smoothly. No loan has been disbursed yet. Applicants will start getting approvals for their loans in less than three weeks. The amount will be determined by charges of each institution and NELFUND will cover 100 percent of it,” Ayiyogo said.

Managing Director of NELFUND, Mr. Akintunde Sawyerr, provided an update, noting that the evaluation process is underway. He reported that while 60,000 students have registered, around 30,000 have successfully applied for the loan, but no approvals have been granted yet.

“The overwhelming response serves as a testament to the critical need for financial assistance among our student population, and we remain committed to addressing this urgent demand,” Sawyerr stated.

To prevent abuse of the program, NELFUND will collaborate with security agencies to identify applicants with criminal intentions.

Currently, applications are only being accepted from students in federal tertiary institutions, with students from state-owned institutions able to apply starting June 25. Students in private institutions are excluded from the scheme at this time.

The rush to apply has been seen as indicative of the country’s economic challenges. Alhaji Haruna Danjuma, National President of the National Parent Teacher Association of Nigeria (NAPTAN), commented on the economic pressures parents face and expressed disappointment that the government did not seek input from parents before launching the scheme.

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Meanwhile, NELFUND is set to begin a comprehensive skills acquisition program in vocational and technical fields in the last quarter of the year. This expansion, ordered by President Bola Tinubu, aims to equip youths with practical, market-relevant skills.