Abuja, Nigeria — The Nigerian Education Loan Fund (NELFUND) has announced a new directive linking upkeep loan disbursement strictly to the academic calendar of each institution, effectively suspending payments once schools go on break.
In a statement issued on Thursday by its Director of Corporate Communications, Mr. Oseyemi Oluwatuyi, NELFUND explained that students will now only receive upkeep allowances for their active academic sessions.
“Upon the conclusion of an institution’s academic year, upkeep payments for that session shall automatically stop. Students who advance to a new academic year will not continue to receive upkeep disbursements from the previous session,” Oluwatuyi clarified.
He added that students are expected to reapply at the start of every academic year to access loans covering both institutional charges and upkeep for that particular session.
To ensure transparency, Oluwatuyi revealed that the NELFUND loan portal is being automated to reflect the adjustment, displaying only upkeep loans collected by each student within their ongoing session. Institutions, he stressed, must upload their academic calendars promptly to guarantee that students receive their full entitlements during the school year.
Beyond institutional payments, the loan scheme provides beneficiaries with monthly upkeep disbursements of N20,000, totaling N240,000 annually. However, under the new policy, students will only receive the monthly stipends while academic activities are in session, with payments suspended during holidays.
By Adeola Olaniya | August 21, 2025
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