NELFUND Resolves BVN Issue, Asks Students To Log Back Into The Portal To Complete Verification Process For Loan

The Nigerian Education Loan Fund (NELFUND) says it has resolved  technical issue which disrupted the BVN (Bank Verification Number) verification process for students applying for loans.

It will be recalled that the  issue, which began over the weekend and persisted through the public holiday, caused delays for many applicants.

But NELFUND in a statement posted on its official X (formerly Twitter) account on Wednesday, confirmed that the issue had been fully resolved by Tuesday morning. 

The agency therefore asked 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", the message reads 

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.

NELFUND has since disbursed a sum of 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.

The agency 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.

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.

The top 10 states with highest number of applicants for the student loan across the country include Taraba, Yobe, Adamawa, Oyo, Plateau, Kaduna, Katsina, Benue, Borno, and Kano