NELFUND: FG ‘ll Not Increase N20,000 Monthly Upkeep Immediately, says MD
The Managing Director of NELFUND, Mr Akintunde Sawyerr, has said that the current N20,000 monthly allowance to beneficiaries would not be increased immediately.
Sawyerr disclosed this at a news conference on Monday in Abuja, when he was asked about upkeep stipends for Next Generation students under the scheme.
He added that an ongoing review of cost-of-living indices across regions could, however, lead to weighted adjustments in future. (NAN)
The NELFUND MD said the application portal for the 2024/2025 academic session will officially close on today to allow the Fund to conclude processing of pending applications and upkeep payments.
He also announced timelines for the 2025/2026 academic cycle, in line with the Fund’s mandate to expand access to higher education through interest-free student loans.
According to him, the loan portal will reopen in the second week of October for fresh applications and remain open until January 2026.
“NELFUND remains committed to removing financial barriers for students and working with institutions to ensure that no eligible student is left behind.
“These timelines provide clarity for students, parents, and institutions to plan ahead and participate fully in the process,” he said.
The managing director directed institutions to update their students’ records on the Student Verification System (SVS) to enable applicants to access the scheme.
He added that all unverified applications for 2024/2025 would be automatically cancelled after Oct. 8, noting that affected students would be required to reapply under the new session.
He warned that institutions that failed to verify students’ records risk being publicly listed for non-compliance.
On upkeep stipends, Sawyerr explained that payment for the 2024/2025 session would continue until November, adding that students were expected to reapply for 2025/2026 to continue receiving payments.
He reiterated that the scheme remained interest-free, with repayment to begin two years after completion of the National Youth Service Corps (NYSC), while employers would deduct 10 per cent of beneficiaries’ salaries.
Sawyerr also expressed concern over arbitrary hikes in tuition and ancillary fees by some institutions, saying a committee set up by the Minister of Education was working with regulators to harmonise and standardise fee structures nationwide.
