The Nigerian Education Loan Fund (NELFUND) has dismissed reports claiming that the monthly upkeep allowance for student beneficiaries under its loan scheme has been increased to N25,000, describing such information as misleading.

In a statement issued on Monday, the Fund clarified that the approved monthly stipend remains N20,000, urging students and the general public to disregard contrary claims circulating in some quarters.

According to the statement signed by the Fund’s Director of Strategic Communications,  Oseyemi Oluwatuyi, NELFUND stressed that no official decision has been taken to review the allowance upward, contrary to widespread reports suggesting an increment.

“The approved upkeep allowance remains N20,000 monthly, and not N25,000 as being reported,” the Fund stated, warning against the spread of unverified information.

NELFUND advised beneficiaries to rely solely on its official communication channels for accurate updates regarding the student loan scheme, noting that misinformation could create confusion among students nationwide.

The agency reaffirmed its commitment to transparency, efficiency, and student-focused service delivery, while appreciating the cooperation and understanding of beneficiaries across the country.

Students seeking further clarification were encouraged to contact the Fund through its official email and verified social media platforms.