In a statement signed by Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications, the agency explained that students would only be eligible for upkeep loans during their current academic session.
The Nigerian Education Loan Fund (NELFUND) has announced new directives governing the disbursement of upkeep loans to students across the country, stating that such payments will now be strictly tied to the academic session of each institution.
In a statement signed by Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications, the agency explained that students would only be eligible for upkeep loans during their current academic session.
"The Nigerian Education Loan Fund (NELFUND) hereby informs students, institutions, and the public that upkeep loan disbursement is strictly tied to the academic session of each institution," the statement read.
"In line with this directive, students shall only be entitled to upkeep loans for their current academic session. Upon the conclusion of an institution's academic year, upkeep payments for that session shall automatically cease."
NELFUND further clarified that students who move into a new academic year will no longer receive disbursements linked to the previous session.
"Consequently, students who transition into a new academic year will no longer receive upkeep disbursements for the preceding session," it said.
NELFUND also emphasised the need for students to renew their applications at the start of every academic session.
"Furthermore, interested loan applicants are required to apply for the loan at the beginning of every academic session to be eligible for both institutional charges and upkeep for that particular session," it said.
To enhance efficiency, the agency announced an upgrade to its loan management platform.
"To ensure accuracy and transparency, the NELFUND loan portal is being automated to reflect this adjustment. The portal will henceforth display only the upkeep loans that have been collected by each student within the relevant session," it said.
The statement also called on universities and other higher institutions to comply by providing timely academic schedules.
"Institutions are therefore strongly advised to upload their academic calendars and sessional information in a timely manner to guarantee that their students receive the full upkeep benefits due to them for an entire academic year,” it said.
Reaffirming its mandate, the loan body said it remains focused on ensuring access to education for all Nigerians.
"NELFUND remains committed to its mandate of providing accessible, transparent, and efficient loan support to Nigerian students, and counts on the cooperation of all stakeholders in the smooth implementation of this directive,” it said.
Previously, SaharaReporters reported that the Independent Corrupt Practices and other related offences Commission (ICPC) flagged discrepancies in disbursement records and unauthorised deductions by at least 51 tertiary institutions, ranging from ₦3500 to ₦30,000.
ICPC also raised concerns over ₦71.2 billion in unaccounted funds from the allocated ₦100 billion, stating only ₦28.8 billion had been traced directly to beneficiaries at the time of their preliminary report.
The Minister of Education, Dr. Tunji Alausa, has responded, firmly denying any fraud within NELFUND.
"Let me start by saying that there is no fraud in NELFUND. ICPC reported that the information was not correct. What we have are issues that have to do with the timeline,” he said after a meeting with Vice Chancellors, the National Universities Commission (NUC), and NELFUND officials.
Despite the ministerial clarification, the ICPC confirmed that investigations are still ongoing, with updates expected as more findings emerge.