Ngozi Nwankwo
The Nigerian Education Loan Fund (NELFUND) has reaffirmed that its monthly upkeep allowance for student loan beneficiaries remains N20,000, despite growing speculation about a possible increase amid rising living costs.
The clarification comes as many students across Nigeria continue to grapple with inflation and higher expenses for food, transportation, and accommodation, fueling expectations that the stipend would be reviewed upward.
In a statement issued on Monday, NELFUND dismissed reports claiming the allowance had been raised to N25,000, describing the information as inaccurate.
The agency’s Director of Strategic Communications, Oseyemi Oluwatuyi, stated that the approved monthly payment remains unchanged.
“The upkeep allowance is still N20,000 monthly, and not N25,000 as widely reported,” the statement said.
The fund also cautioned students against relying on unofficial sources, noting that misinformation could create confusion and unrealistic expectations among beneficiaries.
Students were advised to verify all updates through NELFUND’s official communication channels to avoid being misled.
The clarification highlights ongoing concerns about the adequacy of student support in the face of economic pressures, as stakeholders continue to debate whether current funding levels are sufficient to meet students’ basic needs.
