NELFUND Confirms N20,000 Monthly Stipend for Students

The Nigerian Education Loan Fund (NELFUND) has issued a statement clarifying that the approved monthly stipend for beneficiaries of its scheme will remain at N20,000, despite circulating reports suggesting an increase to N25,000. The statement, signed by Director of Strategic Communication Oseyemi Oluwatuyi, emphasized that students should ignore unverifiable claims and rely solely on official communications from NELFUND.

The organization reiterated its commitment to transparency and efficient delivery of support to beneficiaries across the country. NELFUND also expressed appreciation for the cooperation received from students and encouraged them to contact the agency directly via email for any inquiries.

The fund has released N206 billion in loans to support 1.6 million students in tertiary institutions since the program began, with the loan application portal opening on May 24, 2024. This initiative was established following the enactment of the Student Loan Act, aimed at assisting eligible students with tuition and daily expenses.