The child abductors have reportedly demanded an additional sum of N31m from their parents.
It has been 53 days since their disappearance from the school and their family are yet to learn any traces of their whereabouts.
Punch News reported that the money remitted for their release was paid in two separate batches, but this has yielded no positive result.
The kidnappers had initially promised to release the pupils a week ago but haven't come through on their words, a news source told the newspaper company.
“We don’t know what else these people want. The parents are stranded.
"The first time, three parents met with them somewhere and gave them N10m.
“They demanded another N21m ransom. The parents took the money to the place and gave it to some gang members.
"They told the parents that they had done all the necessary things and promised to release the children in the next two days. They have been expecting the children since last week.”
One of the parents of the abductees confirmed to Punch that the captors have asked for an additional N1.5m ransom before their children are set free.