The Nigerian Education Loan Fund (NELFUND) has refuted reports suggesting that the monthly upkeep allowance for students benefiting from its loan scheme has been raised to N25,000.
Gatekeepers News reports that in a statement issued on Monday, the Fund described the reports as misleading and clarified that the stipend remains unchanged at N20,000 per month. It urged students and members of the public to disregard any claims indicating otherwise.
According to the statement signed by the Fund’s Director of Strategic Communications, Oseyemi Oluwatuyi, the agency has not made any decision to review the allowance upward, despite widespread reports suggesting an increment.
“The approved upkeep allowance remains N20,000 monthly, and not N25,000 as being reported,” the Fund stated, while cautioning against the spread of unverified information.
NELFUND also advised beneficiaries to rely only on its official communication channels for accurate updates regarding the student loan scheme, noting that misinformation could create confusion among students across the country.
The agency reaffirmed its commitment to transparency, efficiency, and student-focused service delivery, and expressed appreciation for the cooperation and understanding of beneficiaries nationwide.
Students seeking further clarification were encouraged to contact the Fund through its official email and verified social media platforms.
