The Nigerian Education Loan Fund (NELFUND) has clarified that the approved monthly upkeep allowance for student beneficiaries under its loan scheme remains ₦20,000, contrary to circulating reports suggesting an increase to ₦25,000.
In an official statement issued on Monday, the Fund expressed concern over what it described as “misinformation” regarding the stipend, emphasizing that no upward review has been approved. The clarification comes amid widespread speculation among students and stakeholders about a possible adjustment in the allowance.
“For clarity, the approved upkeep allowance remains ₦20,000 monthly, and not ₦25,000 as being reported,” the statement read.
The statement, signed by Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, also highlighted the Fund’s dedication to ensuring that beneficiaries receive reliable support while maintaining clarity in its policy framework.
The clarification is expected to quell uncertainty among beneficiaries and reinforce confidence in the administration of the student loan programme, which remains a critical component of efforts to expand access to tertiary education across Nigeria.