Nigerian Education Loan Fund (NELFUND) has confirmed The Guardian story that applicants for student loan will get a stipend of N20,000 monthly. Speaking at a press conference in Abuja on Wednesday, the Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyerr, revealed that students, who applied for upkeep allowance would receive N250,000 per annum, an average of N20,833 monthly.

Whole saying that the stipend would be staggered, Sawyerr pointed out that the Fund had disbursed over N1,172,388,340 institutional fees for 20,000 students across five institutions of higher learning.

He added that additional N850 million was disbursed, yesterday, to another institution, bringing the total disbursed amount to tertiary institutions to N2,022,388,340.

The agency, he added, had approved 260,000 loans consisting of institutional fees and upkeep loan. He said: “I am delighted to share that following Mr President’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1,172,388,340 for 20,000 students (100 per cent paid) in esteemed institutions across the country.

“These institutions were carefully selected based on their academic calendar. Disbursement to other institutions will be made at the beginning of their sessions to ensure a transparent and equitable distribution of resources.

“In addition to the tuition charges we are also cognisant of the need for upkeep support. The payment of upkeep stipends will be conducted in the coming week with the utmost transparency and security.”