Abuja, Nigeria — Akintunde Sawyerr, managing director of the Nigerian Education Loan Fund (NELFUND), don issue serious warning to tertiary institutions wey no dey inform students about loan disbursements wey dem receive on behalf of di students. Dis warning come on Thursday as he dey speak to journalists for Abuja.
Sawyerr explain say recent findings from di Fund show say some institutions, after dem don receive student loan disbursements straight for their bank accounts, still dey demand payment of institutional fees from di same students. “Dis act of withholding important financial information from students no be just unethical but e dey violate di principles wey NELFUND dey stand for,” he talk.
Di NELFUND boss emphasize say dis institutions don also fail to show di loan payments for their internal records, causing wahala for di students. Him warn say di Fund no go fit tolerate any form of deception or non-disclosure from di institutions, and any institution wey engage in such behaviour go face di full wrath of di law.
“We no go hesitate to take legal action against any institution wey dey play this kind game,” Sawyerr warn. He go on to talk say NELFUND’s goal na to relieve di financial burden wey Nigerian students and their families dey face, in line with di vision of President Bola Tinubu’s Renewed Hope Agenda.
“NELFUND dey exist to make sure say no eligible Nigerian go dey denied di chance to pursue higher education because of lack of funds,” he explain. Sawyerr beseech di institutions to support di Fund’s effort and avoid any action wey fit cause public mistrust or deny students di support wey dem deserve.
“We dey urge institutions to support this noble cause and avoid any action wey fit undermine public trust or dey deprive students of di right support,” he say. He also assure di public say NELFUND go remain committed to transparency, accountability, and di proper implementation of di student loan scheme across di country.
As of March 2025, NELFUND don disburse total of N45.1 billion for student loans since e start operation for May 2024. Dis amount include N29.86 billion for institutional fees and N15.23 billion for upkeep allowances, wey don benefit over 445,000 applicants. According to di update, total of 525,936 students don register on di loan platform, with 445,015 applicants don successfully apply for financial help. Dis one show about 84% success rate for student loan applications under di scheme.
To ensure say only eligible students dey continue to receive support, NELFUND plan to update dem system and di students’ database to identify dropouts wey still dey collect stipends.
