The Nigerian Education Loan Fund, NELFUND, has urged student leaders across the country’s tertiary institutions to take full responsibility for promoting and owning the interest-free education loan initiative.
Managing Director of NELFUND, Mr. Akintunde Sawyerr, made this appeal during the fourth day of a Stakeholders Engagement Session and Technical Workshop held in Abuja on Thursday.
The session was attended by student union presidents and officials from the National Association of Nigerian Students, NANS.
Sawyerr emphasized NELFUND’s mission to eliminate financial obstacles and ensure equitable access to education for all Nigerian students, regardless of their background.
He called on students to actively engage with the scheme, raise awareness, and help fine-tune its implementation.
“To succeed, we need your leadership, your voices on campus, and your participation. Support us in reaching every eligible student, improving the system, and ensuring the scheme serves its purpose,” he said.
He added that the programme aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes inclusion, empowerment, and education.
NELFUND’s Executive Director of Operations, Iyal Mustapha, cautioned institutions against delays in verifying student applications, a step he said often hinders timely disbursement of funds.
He urged student leaders to pressure their schools into prompt action.
“Verification is key. If your institution doesn’t confirm your application, we can’t release the funds. You must hold them accountable,” Mustapha stated.
He reiterated that the student loan scheme was designed to curb dropout rates caused by financial hardship.
The loan covers tuition fees and provides monthly stipends, with no interest, no need for guarantors, and no coercive repayment tactics.
“There’s no excuse for dropping out due to lack of funds,” he stressed.
On repayment, he noted that it only begins two years after National Youth Service Corps, NYSC, and only if the beneficiary is gainfully employed.
In cases of death or permanent disability, the debt is cancelled.
Mustapha also clarified that institutional charges must be paid before upkeep allowances are disbursed.
He urged students to confirm payments with their schools, noting some institutions have failed to inform students of received funds.
NANS President, Olushola Oladoja, voiced concern over reports of sabotage and mismanagement of the scheme by some institutions. He announced the formation of a five-member committee to investigate irregularities and collaborate with the ICPC for transparency.
“We’ve received complaints where NELFUND made payments but students weren’t informed. That’s unacceptable. We will get to the bottom of this,” Oladoja said.
A final-year student of Bayero University, Kano, Umar Lawal, applauded President Bola Tinubu for fulfilling his promise to launch the student loan scheme but echoed concerns about the need for greater accountability among institutions.
