The Nigerian Education Loan Fund said it would constantly review the N20,000 monthly stipends to Nigerian students based on economic realities.
The Director of Corporate Communications of the Fund, Oseyemi Oluwatuyi made this known in an interview with our correspondent in Abuja on Wednesday.
Apart from institutional fees, applicants for student loans also have the opportunity of applying for upkeep loans. While institutional fees are paid directly into the accounts of institutions, the upkeep is paid directly into the account of the applicant.
As of now, the sum of N20,000 is paid to each student monthly.
Recently, the Fund announced that it paid the N20,000 monthly stipend to over 20,000 students.
Speaking with our correspondent in Abuja, Oluwatuyi, when asked if the Fund would review the amount paid as upkeep in line with harsh economic realities said, “Certainly, the N20,000 per month is just a starting point, the fund will adjust the stipend from time to time in line with economic realities.”
Speaking further on students who applied for student loans but were sent out of examination halls, she said, “For the students who were sent out of the hall because of school fees, we can’t comment on that for now because we don’t know which semester exams they were writing.
Some students are in their second semester and still expect the loan they applied for to cover the current session, it can’t work that way
“NELFUND will cover 100 per cent of fees for students starting from their next session (if they are already in the second semester). We won’t also pay retrospectively.”
Meanwhile, NELFUND disclosed on Wednesday that 22 more state-owned tertiary institutions had been cleared for participation in the student loan scheme.
The fund disclosed this on its official X handle on Wednesday.
“The Nigeria Education Loan Fund has announced that students from the following 22 state-owned tertiary institutions can now apply for loans on its portal: nelf.gov.ng
“This followed a review by the committee responsible for the Student Verification System. Prior to this, 86 state-owned institutions were cleared, bringing a total of 108 institutions whose students are now able to apply,” the statement posted via @NELFUND on X said.
The onboarding of the 22 state-owned institutions brings the total number of approved state institutions to 108.
The implementation of the student loan scheme is President Bola Tinubu’s flagship project in the education sector.
Barely a month after his inauguration as President, Tinubu signed the Access to Higher Education Act, which creates a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their fees in Nigerian tertiary institutions.
The law, reenacted earlier this year, created the Nigerian Education Loan Fund.
NELFUND is saddled with the responsibility of handling all loan requests, grants, disbursement, and recovery.
The fund, according to the act, is to be funded from multiple streams and will engage in other productive activities.
On Wednesday, the National Association of Nigerian Students, expressed gratitude to the Economic and Financial Crimes Commission for handing over N50bn crime proceeds to NELFUND to apply as student loan.
NANS Senate President, Babatunde Akinteye, in a statement released in Ibadan, the Oyo State capital, said the gesture was not only a reflection of the EFCC’s dedication to combating financial crimes but also a demonstration of its commitment to the future of Nigerian students, who are the leaders of tomorrow.
He said, “I wish to express my profound gratitude to the EFCC for their generous donation of N50bn to the Nigerian Education Loan Fund.
“In a country where the cost of education continues to rise, many students face significant financial barriers that prevent them from achieving their academic aspirations.
