Tag: The Nigerian Education Loan Fund (NELFUND)

The Nigerian Education Loan Fund (NELFUND) has expressed dismay over what it called inaccurate, misleading and dangerously speculative reports in the public space regarding the administration of the student loan scheme.

The response to the reports was contained in a statement by NELFUND’s Director, Strategic Communications, Mrs. Oseyemi Oluwatuyi on Thursday in Abuja.

According to the statement, the reports, which suggested “misappropriation and mismanagement of funds, are entirely false, grossly irresponsible, and deeply damaging to the integrity of an institution established to deliver financial hope to millions of Nigerians.”

It said: “This is a coordinated distortion of facts that undermines public trust, weaponises misinformation, and threatens the credibility of a national intervention still in its infancy.”

NELFUND said that no funds have been mismanaged, stolen, or are unaccounted for under the current NELFUND student loan scheme.

It added: “The scheme officially launched its student loan application portal in 2024. As of today, all institutional fees are paid directly to verified institutions, while upkeep allowances are disbursed to the verified bank accounts of eligible student applicants.

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“The figures and funding amounts currently being misrepresented in the public are drawn from entirely different education financing interventions predating NELFUND’s operational commencement.

“They bear no relevance to the current student loan scheme and should not be falsely attributed to this institution.”

It noted that it operates a zero human interface, fully automated loan system that eliminates opportunities for financial misconduct.

“Every application and disbursement is digitally tracked, time stamped, and verifiable.

“Our commitment to transparency and cooperation with oversight agencies, including the ICPC, is total and unwavering.

“We have complied fully with every request for information and will continue to uphold the highest standards of public accountability,” the statement said.

The statement noted that the circulation of unverified, context-free, and inflammatory claims at the critical stage of implementation, “is not only reckless, but a deliberate sabotage of a nationally significant, people centered programme designed to expand access to tertiary education and economic mobility.

“We call on the media, stakeholders, and the public to resist the pull of sensationalism and await verified updates directly from NELFUND. 

“We remain focused, undeterred, and committed to the transparent delivery of this national mandate. The future of Nigeria’s youth is too important to be hijacked by misinformation,” the statement added. 

The Special Assistant to the President on Students’ Engagements, Sunday Asefon, has said the Nigerian Education Loan Fund (NELFUND) is a game changer that is reshaping the nation’s education landscape.

He said the initiative, with over N100 billion given as soft loan to millions of students across the country, has become a transformative force making university education more accessible to those from disadvantaged background.

Asefon spoke at the weekend while distributing free Joint Admission and Matriculation Board (JAMB) forms to 500 indigenes of Ado-Ekiti, the Ekiti State capital.

The presidential aide noted that the impact of NELFUND was already being felt across the country with beneficiary students testifying to improved academic performance and reduction in school dropouts among youths.

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He urged the students to properly use the loan to further their education.

Asefon said the free JAMB forms would enable indigent beneficiaries to take the forthcoming Unified Tertiary Matriculation Examination (UTME).

The presidential aide said five of the beneficiaries, who were the best in the last UTME, would also get scholarships up to their final year through the son of the President, Mr. Seyi Tinubu, while others who also performed well would get computer laptops as a motivation.

He added that 50 of the forms would be distributed to senior secondary (SS) 3 pupils of Ado Grammar School, his alma mater, while the remaining 450 would be distributed to beneficiaries drawn from Ado Local Government Area.

The former students’ leader explained that his action was meant to reduce illiteracy and ensure that no youth is inhibited from getting tertiary education due to poverty, in line with the vision of President Tinubu’s administration.

He said: “This initiative aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu in ensuring that no deserving Nigerian youth is denied access to education due to financial constraints.

“I commend the efforts of all stakeholders who continue to support students’ welfare and educational advancement. It is our collective responsibility to create opportunities for young Nigerians to thrive academically and contribute meaningfully to society.

“This is just one of many interventions designed to ensure that our students receive the necessary support to excel. I assure Nigerian students of my unwavering commitment to championing their cause and advocating for policies that prioritise their educational needs,” Asefon added.

The Nigerian Education Loan Fund (NELFUND) has commensurated with Kwara State Governor AbdulRahman AbdulRazaq over the death of his Chief of Staff (CoS) Prince Mahe Abdulkadir.

Abdulkadi passed on in the early hours of Saturday after a brief illness.

He was aged 73 years.

In a statement on Sunday signed by its Managing Director/Chief Executive, Akintunde Sawyerr, NELFUND said the late CoS was a dedicated public servant whose unwavering commitment to the development of Kwara State was evident in his years of service. 

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The statement said: “Prince Abdulkadir was a dedicated public servant whose unwavering commitment to the development of Kwara State was evident in his years of service. 

“His exemplary leadership and contributions will be remembered as a legacy of service to his state and country.

“On behalf of the management and staff of NELFUND, we extend our deepest condolences to His Excellency, Governor AbdulRahman AbdulRazaq, the Abdulkadir family, and the entire people of Kwara State. Our thoughts and prayers are with you during this period of immense loss.

“May the Almighty grant the departed eternal rest and comfort those he has left behind.”