Student Loan: NELFUND speaks on delay in payment of monthly stipends

The Nigerian Education Loan Fund (NELFUND) said on Thursday that the delay in the payment of August stipend for beneficiaries of the student loan scheme is due to an ongoing payment processing.

The Director, Corporate Communications of NELFUND, Oseyemi Oluwatuyi, disclosed this in a statement.

Ms Oluwatuyi said the delay in payments arose from certain security checks NELFUND was conducting “to protect public funds and ensure that they are properly allocated to the right beneficiaries.”

“While we acknowledge that this process may cause some inconvenience, it is an essential part of our commitment to maintaining transparency, accountability, and to continue to uphold the integrity of the student loan programme,” Ms Oluwatuyi said.

She, therefore, sought the patience and understanding of the affected beneficiaries as the Fund finalised the disbursements “as soon as possible.”

The statement further noted: “We appreciate the feedback from students and are pleased to see the level of engagement and attentiveness in monitoring the progress of the upkeep disbursements.

“This level of involvement reinforces the significance of the student loan programme, and we remain dedicated to supporting your educational pursuits, just as we have with previous disbursements.”

Students loan stipends
NELFUND began paying N20,000 monthly stipend to beneficiaries of the scheme two months ago after the Fund selected beneficiaries.

Under the students loan scheme, the Fund pays the students school fees directly to the institutions while a monthly stipend is paid directly to the students. Beneficiaries can choose to only take loans for the payment of school fees alone.

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