The Federal Government has introduced new guidelines for the Nigerian Education Loan Fund (NELFUND) to enhance transparency and ensure wider student access across universities, polytechnics, and colleges of education.
The Minister of Education, Dr Maruf Alausa, CON, said the measures reflect government’s commitment to easing the financial burden on students and parents while addressing recent concerns over the scheme.
According to him, following extensive consultations with vice-chancellors, rectors, and other stakeholders, a ministerial committee found no evidence of mismanagement but highlighted the need for a harmonised system that inspires trust and efficiency.
Key provisions of the new framework include:
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A unified fee structure across tertiary institutions.
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Strict timelines for verification and loan disbursement.
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Clear and consistent communication with students.
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A uniform refund policy.
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Collaboration with the Central Bank of Nigeria for real-time access to TSA balances.
The guidelines, which replace individual agreements previously signed with institutions, are designed to improve administration and ensure no eligible student is denied registration or examinations due to loan delays.
Dr Alausa described the reform as a milestone in delivering President Bola Ahmed Tinubu’s Renewed Hope Agenda for education, praising the President for prioritising youth empowerment and access to learning.
He was joined by the Minister of State for Education, Professor Suwaiba Said Ahmad, in commending the President’s commitment to student welfare.
“This is a great day for Nigerian students and families,” the ministers said. “It reflects President Bola Ahmed Tinubu’s strong belief in education as the bedrock of society and in youth as the nation’s heartbeat.”
The Ministry assured that it would closely monitor implementation to ensure accountability, efficiency, and full realisation of the NELFUND student loan scheme.
