Nigerian Education Loan Fund (NELFund) has warned higher education institutions against withholding information about student loan disbursements from beneficiaries.
Gatekeepers News reports that Managing Director Akintunde Sawyerr stated that some institutions were failing to notify students when loan payments were made directly to the institutions for fees, while still demanding payment from the students.
Sawyerr described this practice as “unethical” and a “direct violation” of NELFund’s principles.
He emphasised that NELFund aims to increase access to higher education by easing financial burdens on students, stressing that legal action will be taken against institutions engaging in such “deceptive practices”.
Sawyerr called on all institutions to be transparent and work with NELFund to ensure the loan scheme’s success. He reassured students of NELFund’s commitment to accountability and fairness.
President Bola Tinubu enacted the student loan policy in June 2023, granting interest-free loans to students. The scheme began its pilot phase in May 2024, serving federal tertiary institutions. However, reports indicate delays in fund disbursement and inconsistencies in the amounts disbursed compared to actual school fees.
