The Federal Ministry of Education has announced new guidelines for the Nigerian Education Loan Fund (NELFUND), aimed at standardising institutional charges and ensuring transparency in student loan transactions across universities, polytechnics, and colleges of education.
Releasing the report of the Ministerial Committee on NELFUND, the Honourable Minister of Education, Dr. Maruf Alausa, CON, said the step reaffirms government’s commitment to Nigerian students and parents by addressing issues that recently arose with the scheme.
Dr. Alausa explained that after wide consultations with Vice-Chancellors, Rectors, and other stakeholders, the Committee found no evidence of mismanagement of funds but identified the need for a harmonised system that strengthens trust, transparency, and efficiency in the loan administration process.
The Committee’s recommendations include a harmonised fee nomenclature for tertiary institutions, strict timelines for internal verification and disbursement, clear communication with students via multiple channels, and a uniform refund policy. It further advised NELFUND to work with the Central Bank of Nigeria to ease real-time access to balances domiciled in the Treasury Single Account while ensuring that all processes are evidence-based and supported by reliable data.
Under the new framework, the Ministry’s guidelines will replace individual Memoranda of Understanding previously signed between NELFUND and tertiary institutions. This, according to Dr. Alausa, will streamline administration, improve operational efficiency, and ensure that no eligible student is denied access to registration or examinations due to funding delays.
Describing the release of the guidelines as another milestone in the implementation of President Bola Ahmed Tinubu’s Renewed Hope Agenda for the education sector, Dr. Alausa commended the President for his “unwavering commitment to youth empowerment, access to quality education, and policies that place Nigerian students at the centre of national development.”
The Honourable Minister of State for Education, Professor Suwaiba Said Ahmad, joined Dr. Alausa in expressing gratitude to President Tinubu.
“This is another good day for Nigerian students and their families. It is a clear demonstration of President Bola Ahmed Tinubu’s belief in education as the foundation of society and in our youth as the heartbeat of the nation. On behalf of the Ministry and millions of students across the country, we express our deep appreciation to Mr. President for his continued support in expanding access to durable, high quality education for all Nigerians,” the Ministers said in a joint statement.
The Federal Ministry of Education assured that it will closely monitor the implementation of the guidelines to guarantee accountability, efficiency, and full realisation of the NELFUND Student Loan Scheme.
