The Federal Government has instructed all tertiary institutions to permit students who have applied for the Nigerian Education Loan Fund (NELFUND) loans to sit for their examinations without any restrictions. This move aims to ease concerns among students who feared being barred from exams due to pending loan application statuses.
Speaking after a high-level meeting with NELFUND officials, vice chancellors, and heads of tertiary institutions, Minister of Education Dr. Tunji Alausa clarified that allegations of missing funds from NELFUND are unfounded. He dismissed claims by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) regarding the disappearance of N71.2 billion from the fund, describing the situation as a “communication problem” rather than fraud.
Dr. Alausa explained that the confusion largely stems from service charge deductions made by beneficiary institutions, which students mistakenly perceive as unauthorized loan deductions. To address these issues, the government has established a committee tasked with streamlining and standardizing fee payment processes between universities and NELFUND. The panel, which includes representatives from NELFUND, the Ministry of Education, the National Universities Commission (NUC), and tertiary institution leaders, has been given three weeks to submit its recommendations.
The committee will work to harmonize the terminology used for charges and clarify the timelines for loan disbursements and institutional announcements to prevent future misunderstandings. The Minister of State for Education, Prof. Suwaiba Ahmad, and NELFUND Managing Director Akintunde Sawyerr also participated in the meeting.
This directive and the ongoing reforms aim to restore confidence in the student loan program, ensuring that financial challenges do not hinder students from completing their academic pursuits.