The Nigerian Education Loan Fund (NELFUND) has dismissed reports circulating in the media and on social media platforms claiming that beneficiaries of the NELFUND student loan scheme have been directed to commence repayment.
In a statement issued by the Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, the Fund described the reports as false, misleading and unfounded.
The clarification follows a statement by the Vice-Chancellor of the University of Benin (UNIBEN), Professor Edoba Bright Omoregie (SAN), who disowned a purported circular in circulation outlining repayment procedures for NELFUND loans. The university confirmed that the document did not emanate from UNIBEN and that no repayment guideline has been issued by NELFUND or the Federal Government.
NELFUND stressed that it has not issued any directive requiring students to begin repayment of their loans. The Fund explained that the repayment framework is clearly provided for in the NELFUND Establishment Act, which stipulates that no beneficiary is required to repay the loan while still in school, and that repayment is not required while a beneficiary remains unemployed after graduation.
According to the Fund, loan repayment will only commence in line with the provisions of the law, and only after a beneficiary has secured gainful employment, as applicable.
NELFUND reaffirmed its commitment to expanding access to higher education by providing transparent, fair and student friendly financing solutions. It added that all official information relating to loan administration or repayment will only be communicated through verified NELFUND channels and recognised government platforms.
The Fund therefore urged students, parents, institutions and the general public to disregard the fake circular and related publications, and to refrain from spreading unverified information capable of causing unnecessary anxiety among students.
NELFUND appreciated the continued cooperation of stakeholders and reassured all beneficiaries of its commitment to due process, accountability and the welfare of Nigerian students.
