The Nigerian Education Loan Fund has dismissed as entirely false the online reports claiming that the Federal Government suspended the payment of upkeep allowances to beneficiaries of the student loan scheme.
In a reaction on Thursday, the Fund described the circulating publications as fabricated and deliberately designed to mislead the public and create panic among students and other stakeholders.
According to the Fund, the false information includes a purported statement wrongly attributed to NELFUND and an AI-generated newspaper front page falsely presented as being from The Nigerian Tribune. Both were condemned as fake and aimed at spreading distrust.
NELFUND clarified that neither the Federal Government nor the Fund has issued any directive suspending upkeep allowances. It stressed that the materials did not originate from any official channel.
The agency also reaffirmed its commitment to the continued disbursement of loans and upkeep allowances in line with its mandate, promising transparency and efficiency in all operations.
Beneficiaries and the general public were urged to disregard the false reports and rely only on verified information from official communication channels. The Fund cautioned against the spread of unverified content, warning that such actions fuel unnecessary anxiety among students and parents.
NELFUND noted that it has so far disbursed over N206 billion in loans to more than 1.6 million students in tertiary institutions across the country.
The loan application portal was opened on May 24, 2024, under the Student Loans Act, which was enacted to assist eligible students in public tertiary institutions with tuition and daily expenses. Repayment begins after beneficiaries complete their studies and secure employment.
