Your Monthly Allowance Has Not Changed, NELFUND Tells Student Beneficiaries

Students hoping for an increase in their monthly upkeep allowance will have to wait a little longer, as the Nigerian Education Loan Fund (NELFUND) has moved to shut down circulating reports that the approved stipend had been raised from ₦20,000 to ₦25,000.

In a statement issued on Monday in Abuja, signed by the Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND stated clearly that the approved monthly upkeep allowance remains N20,000 and urged beneficiaries to disregard any contrary information. "The approved upkeep allowance remains ₦20,000 (Twenty Thousand Naira) monthly, and not ₦25,000 as being reported," the statement read.

The Fund urged students and the general public to rely strictly on verified updates from its official communication channels, warning against acting on unverified claims circulating in some quarters. Students seeking further clarification or assistance were directed to contact NELFUND via its official email and verified social media handles on X, Instagram, Facebook and LinkedIn.

NELFUND reaffirmed its commitment to transparency and efficient service delivery, assuring beneficiaries that all disbursements and policy updates would be clearly communicated to avoid confusion. "The Fund appreciates the continued cooperation of students and remains committed to delivering transparent, efficient, and student focused support nationwide," the statement added.

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

Since the programme began, NELFUND has released more than ₦206 billion in loans to support over 1.6 million students in tertiary institutions across the country. Under the scheme, beneficiaries are expected to begin repayment after completing their studies and securing employment, an arrangement intended to make the programme sustainable while ensuring that students are not burdened with repayments before they are financially stable.

The clarification comes as the Fund continues to expand its reach across tertiary institutions nationwide, with transparency and student centred communication remaining central to its operations.