The Nigerian Education Loan Fund has dismissed widespread reports suggesting an upward review of its monthly student stipend, reaffirming that beneficiaries under its loan scheme will continue to receive ₦20,000 as upkeep allowance.
In a statement issued on Monday, the Fund clarified that claims of an increase to ₦25,000 were false and misleading. The clarification, signed by the Director of Strategic Communications, Oseyemi Oluwatuyi, urged students and the general public to rely solely on official communication channels for verified information.
“The approved upkeep allowance remains ₦20,000 monthly, and not ₦25,000 as being reported,” the statement read, stressing that the misinformation had no basis in the Fund’s policy or operations.
The agency cautioned beneficiaries against engaging with unverified sources, noting that the spread of inaccurate information could create unnecessary confusion and unrealistic expectations among students who depend on the scheme for financial support.
Reaffirming its commitment to transparency, NELFUND stated that it remains focused on delivering efficient and student-centred services nationwide. The Fund also expressed appreciation for the cooperation and trust shown by beneficiaries since the programme’s inception.
Further details from the agency indicate that over ₦206 billion has so far been disbursed to support more than 1.6 million students across tertiary institutions in Nigeria, underscoring the scale and impact of the initiative.
The student loan scheme, established following the enactment of the Student Loans Act, is designed to ease financial barriers to higher education by covering tuition and providing modest living support for eligible students in public institutions.
Under the arrangement, beneficiaries are expected to commence repayment only after completing their studies and securing employment, a structure intended to ensure sustainability while protecting graduates from premature financial pressure.
