The Nigerian Education Loan Fund has announced its intention to regularly assess the monthly stipend of N20,000 allocated to Nigerian students, taking into account the prevailing economic conditions.

Oseyemi Oluwatuyi, the Director of Corporate Communications for the Fund, conveyed this information during an interview with our correspondent in Abuja on Wednesday.

In addition to institutional fees, students applying for loans also have the option to seek funding for living expenses. Recently, the Fund reported that it has disbursed the N20,000 monthly stipend to over 20,000 students.

When questioned about the potential for adjusting the upkeep amount in response to challenging economic circumstances, Oluwatuyi stated, “Certainly, the N20,000 per month is just a starting point; the Fund will modify the stipend periodically in accordance with economic realities.”

Furthermore, regarding students who were removed from examination halls due to unpaid fees, she remarked, “We cannot comment on that matter at this time, as we are unaware of the specific semester exams involved.

Some students are in their second semester and expect the loan they applied for to cover the current session, which is not feasible.

NELFUND will cover 100 percent of fees for students beginning from their next session, provided they are already in the second semester. We will not make payments retrospectively.”

Shortly after his inauguration, President Bola Tinubu enacted the Access to Higher Education Act, establishing a legal framework for providing loans to underprivileged or low-income Nigerians to assist with their tuition fees in tertiary institutions across Nigeria.

This law, which was reenacted earlier this year, led to the creation of the Nigerian Education Loan Fund.