The Nigerian Education Loan Fund (NELFUND) has announced the resolution of a technical issue that disrupted the BVN (Bank Verification Number) verification process for students applying for loans.
The issue, which began over the weekend and persisted through the public holiday, caused delays for many applicants.
In a statement posted on NELFUND’s official X (formerly Twitter) account on Wednesday, the organization confirmed that the issue had been fully resolved by Tuesday morning. NELFUND advised all affected students to log back into the portal, complete their BVN verification, and proceed with their loan applications.
“Dear Students,
“We have observed that many of you experienced issues with BVN verification while applying for the student loan over the last weekend, including the public holiday.
“We are pleased to inform you that the issue has been addressed and fully resolved as of yesterday morning.
“We kindly advise all affected students to log back into the portal, complete the BVN verification process, and proceed with your loan application,” the statement read in part.
NELFUND also expressed gratitude to students for their patience during the disruption and reassured them that the application process can now continue smoothly without further issues.
The revised Student Loan Act of 2024 was designed to eliminate financial barriers and make education more accessible to all Nigerian students, regardless of their economic background.
The Nigerian Education Loan Fund (NELFUND) receives its primary funding from a 1% allocation of the total revenues collected by the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service through taxes, levies, and duties.
In August, President Bola Tinubu announced that the Economic and Financial Crimes Commission (EFCC) had transferred N50 billion in recovered funds to NELFUND, following his directive, to further strengthen the student loan program.
Students from across the country applied for the NELFUND loan, with the top 10 states having the highest number of applicants, in ascending order, being Taraba, Yobe, Adamawa, Oyo, Plateau, Kaduna, Katsina, Benue, Borno, and Kano, which ranks first.
Since the fund disbursement’s rollout, NELFUND has distributed N4.6 billion as tuition support to students in 59 approved tertiary institutions across the country.
This includes N2.5 billion disbursed in August and an additional N2.1 billion disbursed to students in 40 institutions earlier in September.
Furthermore, in August, NELFUND initiated the distribution of N20,000 monthly stipends to beneficiaries, with 20,371 students from six tertiary institutions successfully receiving their July payments.