NELFUND Loan Denies Increase in Student Stipend, Confirms ₦20,000 Monthly Allowance

The Nigerian Education Loan Fund (NELFUND) has dismissed reports claiming an increase in the monthly stipend for student beneficiaries, reaffirming that the allowance remains ₦20,000.

In an official statement released on Monday, the Fund described the circulating claims of a ₦25,000 stipend as inaccurate and misleading. According to the agency, there has been no adjustment to the approved monthly upkeep allowance.

The clarification was issued by the Director of Strategic Communications at NELFUND, Oseyemi Oluwatuyi, who emphasized that students should rely only on verified communication channels for updates regarding the scheme.

He stated that the current stipend remains ₦20,000 per month and urged beneficiaries to disregard any conflicting information being shared through unofficial sources.

NELFUND also reiterated its commitment to maintaining transparency and efficiency in the administration of its student support programme. The agency expressed appreciation for the cooperation and patience shown by students across the country, noting that efforts are ongoing to ensure seamless delivery of financial assistance.

Students seeking further clarification were advised to contact the Fund through its official email and verified social media platforms to avoid falling victim to misinformation.

Since its launch, NELFUND has disbursed over ₦206 billion in loans, benefiting more than 1.6 million students enrolled in public tertiary institutions nationwide. The application portal for the scheme was officially opened on May 24, 2024, marking a significant step in expanding access to higher education funding in Nigeria.

The initiative was established by the Federal Government following the enactment of the Student Loans Act, with the goal of supporting students who face financial challenges in pursuing their education. The programme covers tuition fees and provides a monthly allowance to assist with basic living expenses.

Under the terms of the scheme, beneficiaries are required to begin repayment only after completing their studies and securing employment. This structure is designed to reduce financial pressure on students during their academic journey while ensuring the long-term sustainability of the fund.

NELFUND continues to position itself as a critical intervention in Nigeria’s education sector, helping to bridge the gap between rising education costs and students’ financial capacity.