The Nigerian Education Loan Fund (NELFUND) has warned tertiary institutions sternly against diverting or mismanaging funds disbursed under President Bola Tinubu’s student loan scheme.
Managing Director Akintunde Sawyerr delivered this message during a stakeholders’ meeting with heads of colleges of education, agriculture, health, and nursing in Abuja on May 7, 2025.
Sawyerr disclosed that NELFUND has disbursed a total of ₦54 billion to 303 institutions, benefiting 293,000 students.
Of this amount, ₦30 billion covered institutional charges, while ₦24 billion was transferred directly to students’ bank accounts.
He stated that once NELFUND has paid an institution’s charges, students should not be asked to make additional payments.
Any institution demanding extra fees from students after receiving funds will face administrative actions from the Minister of Education and may be reported for criminal offences.
The Federal Ministry of Education and the National Orientation Agency are collaborating with NELFUND to investigate allegations of illegal deductions and mismanagement of the loan funds.
Sawyerr added that institutions engaging in such practices would be held accountable, and students should not bear the consequences of institutional misconduct.
The student loan scheme, introduced by President Tinubu in 2024, aims to provide financial assistance to indigent students pursuing higher education.
NELFUND has assured the public of its commitment to transparency and the successful implementation of the programme.
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