NELFUND student allowance remains N20,000 as fund debunks reports of increase, urges students to rely on official updates

The Nigerian Education Loan Fund has clarified that the monthly upkeep allowance for beneficiaries under its scheme remains unchanged at N20,000, dismissing reports of an increase as inaccurate.

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In a statement issued on Monday, the Fund, through its Director of Strategic Communications, Oseyemi Oluwatuyi, described the circulating claims as misinformation and urged students to rely on official sources for updates.

“The approved upkeep allowance remains N20,000 monthly, and not N25,000 as being reported,” the statement read.

The clarification on the NELFUND student allowance comes amid growing online speculation suggesting that the stipend had been raised. The Fund advised beneficiaries to disregard unverified information and consult its official communication channels for accurate guidance.

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

NELFUND reaffirmed its commitment to transparency and efficient service delivery, expressing appreciation for the cooperation of students across the country.

Since the launch of the programme, the Fund has disbursed more than N206bn in loans to support over 1.6 million students in tertiary institutions nationwide.

The loan application portal was opened on May 24, 2024, following the enactment of the Student Loans Act by the Federal Government.

The initiative is designed to ease financial barriers to higher education by providing funds for tuition and living expenses, particularly for students in public institutions.

Beneficiaries are expected to begin repayment only after completing their studies and securing employment, a structure aimed at ensuring sustainability while protecting students from early financial pressure.

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The Fund described the scheme as a critical intervention in expanding access to education and strengthening human capital development in Nigeria.