The Nigerian Education Loan Fund (NELFUND) has said it is working towards disbursing approved student loans within 45 days, provided beneficiaries are due to commence their academic sessions.
Managing Director of NELFUND, Akintunde Sawyerr, disclosed this while speaking with Arise News, explaining that loan disbursements are being synchronised with the academic calendars of universities, polytechnics and colleges of education.
Sawyerr said the 45-day timeline was necessary to make the loan scheme more orderly, particularly as institutions operate different academic calendars and have experienced disruptions from industrial actions.
“There are a number of moving parts here, but we certainly endeavor to pay within 45 days, provided that the value that needs to be realized is when the schools start,” he said.
He explained that students should not assume that approval of their applications automatically means immediate payment, stressing that NELFUND only disburses when the funding is required for an ongoing or imminent academic session.
“You might make an application in January, but if your school doesn’t start till September, we’re not going to make a payment until you can begin to receive value,” he said.
According to him, the Fund is currently working to synchronise applications, institutional approvals and disbursements with school calendars to prevent unnecessary delays.
Some of the students may have applied before then. We are trying to synchronise this and make this more orderly,” he said.