NELFUND denies suspending upkeep allowances
Analysis based on 6 articles · First reported Jul 11, 2026 · Last updated Jul 12, 2026
This event has minimal direct market impact as it involves a government student loan program. However, persistent delays in disbursements could affect public confidence in the program and the government's social initiatives.
The Nigeria — Nigerian Education Loan Fund (NELFUND) dismissed as fake a social media document claiming that the Federal Government had suspended the payment of upkeep allowances under the Student Loan Scheme for the 2025/2026 academic session. The document, dated July 10 and falsely attributed to Director of Strategic Communications Oseyemi Oluwatuyi, alleged that funds for May, June and subsequent months had not been released and that payments were temporarily halted. NELFUND clarified that neither the Federal Government nor the Fund had approved any suspension, and that disbursements of both tuition and upkeep allowances continue. The Fund warned that fabricated publications and AI-generated content are being used to spread misinformation and undermine public trust. Beneficiaries have complained about delays in receiving upkeep allowances, but NELFUND reaffirmed its commitment to transparency and accountability, assuring that approved payments will continue according to guidelines.
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