Nigerian Education Loan Fund (NELFUND) has debunked reports claiming that beneficiaries of its student loan scheme now receive a monthly upkeep allowance of N25,000, clarifying that the approved stipend remains N20,000.
In a statement issued on Monday, NELFUND described the circulating information as misleading and urged students to rely only on official communication channels for accurate updates.
The statement, signed by the Fund’s Director of Strategic Communications, Oseyemi Oluwatuyi, reaffirmed that there has been no increase in the monthly allowance.
“The approved upkeep allowance remains N20,000 (Twenty Thousand Naira) monthly, and not N25,000 as being reported,” the statement read.
NELFUND advised students and beneficiaries to disregard unverified claims and avoid misinformation regarding the scheme.
“Students are advised to disregard any contrary information and rely only on official NELFUND communication channels for accurate updates,” the Fund stated.
The agency reiterated its commitment to transparency and efficiency in delivering financial support to students across the country.
It also appreciated the cooperation and trust shown by beneficiaries since the commencement of the programme.
“The Fund appreciates the continued cooperation of students and remains committed to delivering transparent, efficient, and student-focused support nationwide,” the statement added.
Since its launch, NELFUND has disbursed over N206 billion in loans, supporting more than 1.6 million students in tertiary institutions across Nigeria.
The student loan application portal was officially opened on May 24, 2024, following the enactment of the Student Loans Act by the Federal Government.
The initiative is designed to assist eligible students in public tertiary institutions with funding for tuition and daily expenses, particularly those facing financial challenges.
Under the scheme, beneficiaries are expected to begin repayment only after completing their studies and securing employment, ensuring that they are not burdened financially while still in school.
For further inquiries, NELFUND directed students to reach out via its official email and verified social media platforms.