Abductors of the 121 students of Bethel Baptist Secondary school in Kaduna State are demanding N60 million naira as ransom before releasing the students.
The father of one of the kidnapped students confirmed the development to newsmen.
He added that the bandits have also given them Monday as the deadline for payment of the ransom.
He disclosed that after much negotiations, the bandits agreed to take N500,000 as ransom for each student.
Bandits suspected to be kidnappers had on July 8 attacked Bethel Baptist Secondary school in Chikun Local Government Area of the state and abducted 121 students from their hostels.
Last week they released one of the students who fell sick in their custody along with two other people who were kidnapped along the Kaduna-Kachia road.
They were later rescued inside the forest by operatives of the Kaduna state police command.