NELFUND denies stipend hike, retains N20,000 monthly allowance

The Nigerian Education Loan Fund (NELFUND) has dismissed reports of an increase in student stipends, insisting that beneficiaries will continue to receive N20,000 monthly.

In a statement on Monday, they clarified that the approved monthly stipend remains N20,000.

There have been reports that it was increased to N25,000.

The statement signed by Oseyemi Oluwatuyi, NELFUND’s director of strategic communications read, “the approved upkeep allowance remains N20,000 (Twenty Thousand Naira) monthly, and not N25,000 as being reported.”

NELFUND advised students to ignore unverified claims and confirm on their official communication platforms for accurate updates.

“Students are advised to disregard any contrary information and rely only on official NELFUND communication channels for accurate updates,” the statement added.

NELFUND has released more than N206bn in loans to support over 1.6million students in tertiary institutions across the country since the programme began.

It opened its loan application portal on May 24, 2024.

The Fund was set up by the federal government following the enactment of the Student Loans Act.

The initiative is designed to assist eligible students in public tertiary institutions with funds for tuition and daily expenses, particularly those who may struggle to finance their education.

Under the scheme, beneficiaries are expected to begin repayment after completing their studies and securing employment.

The arrangement is intended to make the programme sustainable while ensuring that students are not burdened with repayments before they are financially stable.