By Muhammad Amaan
The Nigerian Education Loan Fund (NELFUND) has approved a final reopening for a period of 48 hours to enable tertiary institutions yet to complete their student verification exercise to do so.
A statement made available to newsmen by Director of Strategic Communications of the Fund, Mrs Oseyemi Oluwatuyi, said the portal would be accessible from 12:00 a.m. on Sunday, October 12, to 12:00 a.m. on Tuesday, October 14.
The extension, she said was intended to ensure that all eligible students were duly captured and verified by their respective institutions as part of the ongoing 2024/2025 NELFUND loan application process.
“Institutions are strongly advised to make full use of this final opportunity. Failure to complete the verification process within the stipulated period will result in the affected institutions forfeiting participation in the current loan cycle.
“A situation that will regrettably disadvantage their students who are the ultimate beneficiaries of the loan scheme,” she said.
She added that in the interest of transparency and accountability, the list of defaulting institutions would be published.
Mrs Oluwatuyi reiterated the Fund’s commitment to fostering equitable access to higher education through the efficient, transparent, and inclusive management of the scheme.
The Nigerian Education Loan Fund (NELFUND) is a pivotal financial institution established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024.
It was signed into law by President Bola Ahmed Tinubu on April 3, 2024, as a step towards ensuring sustainable higher education and functional skill development for Nigerian students and young people.
The NELFUND was created to address the shortcomings of the previous Student Loan Act of 2023, which faced challenges related to governance, management, loan purposes, eligibility criteria, application methods, repayment provisions, and loan recovery.
The primary objective of NELFUND is to provide financial support to qualified Nigerians for tuition and other fees, charges, and upkeep during their studies in approved tertiary academic institutions and vocational and skills acquisition institutions within Nigeria.
