The Nigerian Education Loan Fund (NELFUND) hereby informs all beneficiaries of the student loan program that the delay in disbursing the August stipend is due to ongoing payment processing activities.

Oseyemi Oluwatuyi, the Director of Corporate Communications at NELFUND, provided this information in an official statement.

Ms. Oluwatuyi explained that the payment delays are a result of specific security checks being conducted by NELFUND “to safeguard public funds and ensure they are allocated correctly to eligible beneficiaries.”

“While we recognize that this may cause some inconvenience, it is a crucial aspect of our dedication to transparency, accountability, and the integrity of the student loan program,” Ms. Oluwatuyi stated.

She requested the patience and understanding of the affected beneficiaries as the Fund works to complete the disbursements “as promptly as possible.”

The statement also highlighted: “We value the feedback from students and are encouraged by the level of engagement and vigilance in tracking the progress of the stipend disbursements.

“This engagement underscores the importance of the student loan program, and we remain committed to supporting your educational endeavors, as we have with prior disbursements.”

Regarding student loan stipends, NELFUND initiated the payment of a monthly stipend of N20,000 to beneficiaries two months ago after selecting them.

Under the student loan scheme, the Fund directly pays school fees to educational institutions while providing a monthly stipend to the students. Beneficiaries have the option to take loans solely for school fee payments.

As of ten days into September, students have not yet received their August stipends.

Additionally, the National Association of Nigerian Students (NANS) has recently called for an increase in the stipend from N20,000 to N40,000, citing economic challenges and the rising cost of living.