It was learnt that the money would be raised through contributions by each parent as well as aid from relations and friends.
The kidnappers had earlier called some parents of the victims on Saturday, May 27, demanding N400m each from two parents while two others were asked to pay N100m each. They told the parents to meet with the school authorities and the state government to pay the ransom.
Three days after, the kidnappers called back and reduced the ransom to N600m, with parents of each child asked to pay N100m.
But now, the abductors are now demanding N100m for all the children, according to the parents.