The Nigerian Education Loan Fund (NELFUND) has announced plans for regular adjustments to the ₦20,000 monthly stipends provided to successful student loan applicants. This decision comes as part of efforts to align the financial support with the evolving economic conditions in the country.
Oseyemi Oluwatuyi, NELFUND's Director of Corporate Communications, made this disclosure in Abuja during the week. The fund recently confirmed that over 20,000 students who successfully applied for loans received their ₦20,000 monthly stipends for the month of July. This stipend, which is renewable at the end of each academic session, serves as an additional upkeep loan available to eligible students.
Responding to inquiries about the potential for increasing the upkeep amount in response to the current economic climate, Oluwatuyi assured that the ₦20,000 stipend is just the initial offering. "Certainly, the ₦20,000 per month is just a starting point; the fund will adjust the stipend from time to time in line with economic realities," she told *Punch*.
Addressing concerns regarding students who were barred from taking exams due to unpaid school fees, Oluwatuyi clarified that NELFUND cannot currently comment on specific cases as it is unclear which semester exams were involved. She noted that some students, already in their second semester, expect the loan to cover their current session, which is not feasible under the current terms. NELFUND, she explained, will fully cover fees for students beginning from their next session, but will not offer retroactive payments.
As economic conditions continue to impact students across the country, NELFUND’s commitment to reviewing and potentially increasing the stipend demonstrates an ongoing effort to provide meaningful support to Nigeria’s future leaders.
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