The Nigerian Education Loan Fund (NELFUND) has denied reports that students are being asked to repay loans, describing the claims as "false, misleading, and capable of causing needless panic among students". The Fund clarified that repayment doesn't commence until beneficiaries are gainfully employed, as stipulated in the NELFUND Establishment Act ¹ ² ³.
A presidential media aide, Olusegun Dada, also urged Nigerians to disregard rumors of loan repayment, stating that the scheme will clock two years in March 2026, and no applicant has reached the repayment stage. NELFUND has disbursed N174 billion to over 800,000 beneficiaries from 263 tertiary institutions ⁴ ⁵ ⁶.
The controversy arose after the University of Benin disowned a circular outlining repayment procedures, claiming it didn't originate from the institution. NELFUND assured stakeholders of its commitment to transparency, fairness, and student welfare ¹ ².
Tags
News