The Nigerian Education Loan Fund (NELFUND) has dismissed as false and misleading reports suggesting that beneficiaries of the Federal Government’s student loan scheme have been directed to commence repayment.
In a statement issued in Abuja on Friday, NELFUND clarified that it has not issued any directive mandating students to begin repaying their loans, describing the circulating information as unfounded and capable of causing unnecessary anxiety among beneficiaries and the general public.
According to the Fund, clarification became necessary following concerns raised by students and stakeholders over reports allegedly linked to official communication from the University of Ibadan (UI). NELFUND explained that while the Vice-Chancellor of UI had earlier circulated an advisory outlining repayment procedures under the NELFUND loan scheme, the document did not originate from the institution and did not instruct students to begin repayment. The Fund further noted that no repayment guideline has been issued by NELFUND or the Federal Government at this time.
NELFUND emphasized that the repayment framework for its loans is clearly stipulated in the NELFUND Establishment Act. The Act provides that no beneficiary is required to repay the loan while still in school, and that repayment does not commence if a graduate remains unemployed after graduation. Loan repayment, the Fund stressed, only begins in line with the provisions of the law after a beneficiary secures gainful employment.
Reaffirming its commitment to expanding access to higher education, NELFUND stated that its operations are guided by transparency, fairness, and a student-friendly financing model. It assured beneficiaries and stakeholders that all official information regarding loan administration and repayment would be communicated through verified NELFUND channels and recognised government platforms.
The Fund urged students, parents, educational institutions, and the public to disregard the fake circular and avoid spreading unverified information that could generate confusion or distress.
NELFUND also called for continued cooperation from stakeholders and reassured Nigerians of its dedication to due process, accountability, and the welfare of student loan beneficiaries nationwide.
