NELFUND demands transparency from institutions over student loan payments

By Kunle Sanni

The Nigerian Education Loan Fund (NELFUND) has cautioned tertiary institutions across the country against failing to inform students about loan disbursements made on their behalf.

In a statement issued on Friday, the Managing Director/Chief Executive Officer of NELFUND, Akintunde Sawyerr, expressed concern over reports that some institutions, after receiving loan payments directly into their accounts, have not notified the affected students or updated their fee records accordingly.

He noted that this has led to confusion and undue pressure on students who are still being asked to pay fees already covered by the loan.

“This act of withholding critical financial information from students is not only unethical but a direct violation of the principles upon which NELFUND was established,” Sawyerr stated. “We will not hesitate to take legal action against any institution found engaging in such deceptive practices.”

The NELFUND boss emphasized that the fund was created to ease access to higher education and reduce the financial burden on Nigerian students, in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

He urged all institutions to prioritize transparency and cooperate fully with NELFUND to ensure the smooth implementation of the student loan scheme nationwide.

“NELFUND exists to ensure no eligible Nigerian is denied the opportunity to pursue higher education due to lack of funds,” Sawyerr said. “We urge institutions to support this noble cause and avoid any actions that could undermine public trust or deny students their rightful support.”

NELFUND reaffirmed its commitment to accountability and fairness in managing the student loan program, assuring students and the public that it will continue working to expand access to education across the country.