The Nigerian Education Loan Fund has denied reports alleging that the Federal Government has stopped the payment of upkeep allowances to students benefiting from the student loan scheme.
The agency described the reports spreading across social media as fake and misleading, insisting that no decision has been taken to suspend payments under the programme.
In a statement issued by the Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND said the viral publications were created to cause panic and confusion among students and members of the public.
“The Nigerian Education Loan Fund wishes to categorically refute and condemn the false and misleading publications currently circulating across social media and online platforms alleging that the Federal Government has suspended students’ upkeep allowance payments under the student loan scheme.
“These reports, including a fabricated statement falsely attributed to NELFUND and an AI-generated newspaper front page purportedly from The Nigerian Tribune, are entirely FAKE, misleading, and designed to create panic, confusion, and distrust among beneficiaries and the general public,” the statement read.
The fund stressed that the Federal Government had not issued any instruction suspending the allowance payments and urged students to ignore the rumours.
“No directive has been issued by the Federal Government or NELFUND regarding the suspension of upkeep allowances.”
NELFUND explained that the materials being circulated online were not released through any of its official communication platforms, adding that the newspaper front page shared widely online was fabricated.
The agency reaffirmed that the student loan scheme remains active and that disbursement of loans and upkeep support to beneficiaries is continuing in line with its mandate.
It also advised students, parents and other stakeholders to verify information through official channels before sharing or reacting to reports online.
According to the fund, spreading false information about the programme only creates unnecessary fear and uncertainty among students relying on the scheme for financial support.
“The fund remains steadfast in its commitment to expanding access to higher education and supporting Nigerian students through sustainable financing initiatives,” it added.
NELFUND disclosed that more than N206 billion has been disbursed to over 1.6 million students across tertiary institutions in the country since the initiative began.
The student loan application portal was launched on May 24, 2024, after the Federal Government signed the Student Loans Act into law.
The scheme was introduced to support eligible students in public tertiary institutions with funds for tuition and living expenses, especially those facing financial challenges.
Beneficiaries are expected to repay the loans after graduation and once they secure employment, a structure designed to make the programme sustainable while reducing financial pressure on students during their studies.