By Ayobami Okerinde

The Nigerian Education Loan Fund (NELFUND) has announced that upkeep allowances under the student loan scheme will now be disbursed per academic session instead of the previous 12-month payment structure.

Director of Strategic Communications at NELFUND, Mrs. Oseyemi Oluwatuyi, said in a statement on Friday that the change was introduced to improve efficiency and ensure fairness in the management of the loan scheme.

She explained that the decision was informed by the fact that Nigeria’s tertiary institutions operate on different academic calendars, which made the old uniform payment structure difficult to sustain.

Oluwatuyi added that the policy will also eliminate the risk of duplicate upkeep payments to the same student within the same institution and academic session.

According to her, the new payment structure will benefit students, parents, and tertiary institutions by ensuring transparency and accountability in the loan scheme.

“To ensure accuracy and transparency, the NELFUND portal is being updated to automatically reflect only the upkeep loan that has been collected by each student within the relevant session,” she noted.

Oluwatuyi emphasised that the adjustment is part of NELFUND’s efforts to strengthen the integrity of its processes.

“We are dedicated to ensuring that our operations are guided by the principles of fairness, accountability, and transparency. Our goal is to provide students with the financial support they need to succeed, while also promoting the integrity and sustainability of the loan scheme,” the statement partly reads.

The agency reiterated its commitment to fairness, accountability, and transparency in managing the student loan scheme, stressing that the new policy would have a long-term positive impact on both students and partner institutions.