The Nigerian Education Loan Fund has addressed what it described as misinformation circulating about the monthly upkeep allowance for student beneficiaries under its scheme.

In a statement issued on Monday, the Fund clarified that the approved monthly stipend remains N20,000, contrary to reports suggesting an increase to N25,000.

The statement signed by the Director of Strategic Communications at NELFUND, Oseyemi Oluwatuyi, read, “The approved upkeep allowance remains N20,000 (Twenty Thousand Naira) monthly, and not N25,000 as being reported.”

NELFUND urged students to ignore unverified claims and rely strictly on its 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 Fund stated.

The organisation reaffirmed its commitment to transparency and efficiency in delivering support to beneficiaries across the country. It also expressed appreciation for the cooperation it has received from students.

“The Fund appreciates the continued cooperation of students and remains committed to delivering transparent, efficient, and student-focused support nationwide,” the statement added.

For further inquiries, NELFUND directed students to contact the agency via email and its verified social media handles.

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. (The PUNCH)

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