The Nigerian Education Loan Fund (NELFUND) has explained its decision to adopt a new allowance payment structure for student beneficiaries of its loan scheme, migrating from a 12-month payment arrangement to a per-session disbursement model.
According to the Fund, the change is aimed at strengthening its ongoing efforts to enhance operational efficiency.
In a statement issued on Friday by the Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, NELFUND highlighted two key reasons for the shift.
It noted: “Nigeria’s tertiary institutions operate under different academic calendars, making it challenging to implement a uniform payment schedule.
“So, by aligning upkeep disbursements with each institution’s academic session, it will ensure payments are made to beneficiaries in a timely and relevant manner.
“The second consideration is that the new policy aims to eliminate the risk of duplicate upkeep payments to the same student within the same institution and academic session.
“This will therefore help NELFUND to maintain the integrity of its payment system and ensure that funds are utilised effectively by recipients.”
The organisation added that the per-session stipend payment structure would provide additional benefits to students, parents, and partner institutions.
According to the Fund, “the per-session upkeep payments will not only be managed in a fair and transparent manner that aligns with each institution’s academic schedule and funds utilised effectively, but will also enable students to receive their stipends on time while focusing on their studies without financi
al distractions.”
To guarantee accuracy and accountability, NELFUND stated that its portal is being upgraded to automatically reflect the upkeep loan collected by each student within the relevant academic session.
It reaffirmed its commitment to fairness, accountability, and transparency in managing the scheme, stressing:
“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.
“We strongly believe that this new policy will have a positive impact on the student loan scheme, even as we look forward to the continued cooperation of valued stakeholders to ensure the long-term success and sustainability of the scheme.”
