The Nigerian Education Loan Fund (NELFUND) has issued a strong warning to tertiary institutions across the country over alleged failure to inform students of loan disbursements made on their behalf.
In a press statement released by the Fund, the Managing Director and Chief Executive, Mr. Akintunde Sawyerr, expressed concern over findings that some institutions, after receiving loan payments directly into their accounts, failed to reflect the payments in students’ records or notify them accordingly. He described the practice as unethical and misleading, adding that it goes against the very principles upon which NELFUND was established.
“It has come to our attention that some institutions, despite receiving student loan disbursements, continue to demand tuition fees from the students without informing them that their fees have already been covered by the Fund,” Mr. Sawyerr stated. “This is unacceptable and a clear violation of trust.”
The NELFUND boss warned that legal action would be taken against any institution found to be engaging in such deceptive practices. He stressed that the Fund was created to ease the financial burden of higher education for Nigerian students and their families, in alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
“Our mandate is to ensure that no eligible Nigerian student is denied access to higher education due to financial constraints,” Sawyerr said. “We call on all institutions to demonstrate transparency and support the smooth implementation of this initiative.”
NELFUND reaffirmed its commitment to fairness, accountability, and ensuring that the student loan scheme benefits all eligible Nigerians. The Fund also urged students to report any discrepancies or lack of communication from their institutions regarding the status of their loans.
The student loan scheme, launched as part of government efforts to expand access to tertiary education, is designed to provide financial support directly to institutions on behalf of students. However, NELFUND insists that transparency and collaboration from the institutions are vital for its success.
