The Nigeria Education Loan Fund (NELFUND) is under fire after a wave of graduates came forward to reveal they received student loans and upkeep payments months after finishing their studies.
“I applied for the loan when I was desperate to pay my final-year tuition,” said one ex-student. “The approval came long after I had scraped the money together myself. I’d already graduated when I saw that NELFUND had paid the school.”
He added, “They told me to ask the school for a refund. But how do I request that when I’m no longer a student? Worse, I still receive upkeep payments despite notifying them of my graduation. I’ll repay the upkeep, but not the tuition—NELFUND paid it too late.”
A graduate of the University of Benin (UNIBEN) shared a similar story. “I applied before my final exams, waited months, nothing happened. Then last month, I suddenly received N20,000 as upkeep and was told my loan had just been approved. I’d already graduated. It’s a mess.”
Parents are also speaking out. Mr Ibrahim, whose son graduated two months ago, said, “He’s still receiving money from NELFUND. We don’t know how to stop it. We just want it sorted.”
Originally launched to relieve financial pressure on students, the loan scheme is now facing accusations of inefficiency, mismanagement, and possible corruption.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has opened an investigation into the matter. Preliminary findings are damning while NELFUND reportedly disbursed N100 billion, only N28.8 billion reached students. A staggering N71.2 billion is currently unaccounted for.
Further claims suggest some schools and banks may have colluded to delay payments, skimming off administrative charges between N3,500 and N30,000 per student.
The National Orientation Agency (NOA) and the National Association of Nigerian Students (NANS) have condemned the chaos. NANS is now threatening nationwide protests.
“This is a disgrace. Students deserve better,” NANS said in a statement.
The Academic Staff Union of Universities (ASUU) also weighed in. Its National President, Professor Emmanuel Osodeke, said the union is awaiting the outcome of the ICPC’s probe and wants those responsible held accountable.
Attempts to reach NELFUND’s Director of Corporate Communications, Mr Oseyemi Oluwatuyi, were unsuccessful at the time of publication.
