NELFUND reviewed three reasons for the delay in October upkeep payment

The Nigerian Education Loan Fund (NELFUND) has finally opened up on the three major reasons for the October upkeep delay.

According to Akintunde Sawyeer's recent interview on ChannelTV, he has made it known that the first reason for the delay is that NELFUND is always conducting monthly security checks.to protect the student funds and ensure that they are properly allocated to the right beneficiaries (applicants).

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Secondly, he added that some Nigerian banks are currently conducting an upgrade, which has constituted the delay in October upkeep disbursement, he said.

READ ALSO: Upkeep not canceled, we've disbursed over N10bn to 40,000 students  - NELFUND

He added that the third reason is that they are onboarding the newly approved beneficiaries of student loans on the monthly payment dashboard which requires accurate and close monitoring.

He continued that the FUND has noticed that the wrong beneficiaries receive the monthly upkeep and finally added that all beneficiaries, including the newly approved applicants from various institutions, will begin to receive their upkeep this coming week.

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• NELFUND set to increase N20,000 upkeep for all student loan applicants
• STUDENT LOAN: EFCC donates N50billion to NELFUND, encourage students to apply

More about Student Loan Monthly Upkeep

Students can apply for a monthly stipend to support their daily expenditures. This is separate from the loan paid directly to schools to cover education fees.

The institutions claimed to have benefited from the payout are Bayero University in Kano State. Federal University, Dutsin-Ma, Katsina State; University of Ilorin, Kwara State; University of Benin Edo State; University of Ibadan, Oyo; and University of Maiduguri, Borno State. 

Students around the country applauded the development, despite recent calls to increase the upkeep to N40,000 from the existing N20,000 due to high inflation rates.