The Nigerian Education Loan Fund (NELFUND) has directed all tertiary institutions to refund tuition fees already paid by students who were verified for the loan scheme before the disbursement of funds.
The agency also cautioned institutions against barring verified beneficiaries from academic activities due to non-payment, stressing that a memorandum of understanding was signed to that effect.
NELFUND’s Managing Director, Akintunde Sawyerr, emphasized the need for universities and polytechnics to comply fully with the agreement to ensure smooth implementation, noting that institutions like UNILAG have already started processing refunds.
Speaking at sensitisation campaigns in Lagos, Port Harcourt, and Ibadan, NELFUND officials reaffirmed their commitment to transparency amid fraud allegations, which they described as unfounded.
While over 597,000 students have registered and more than 54 billion naira disbursed, challenges remain, including low participation in the South-South and South-East due to cultural resistance to the term “loan.”
University of Port Harcourt Vice-Chancellor Prof. Owunari Georgewill recommended rebranding the loan as a “repayable grant” to boost acceptance.
NELFUND also announced plans to launch a job portal and disburse funds to 6,004 Polytechnic Ibadan students within two weeks.