June 29 (THEWILL) — The Nigerian Education Loan Fund (NELFUND) has vowed to take action against tertiary institutions withholding tuition fee refunds due to students under the Federal Government’s Student Loan Scheme, while condemning arbitrary increases in tuition and other institutional charges by some participating schools.
The Fund said it had received reports that some institutions had either delayed or refused to refund students who paid their tuition fees before NELFUND subsequently disbursed the loans on their behalf, describing the practice as unethical and contrary to the objectives of the scheme.
In a statement issued on Monday by its Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND expressed concern that the actions of the affected institutions could undermine the credibility of the landmark education financing initiative introduced by the administration of President Bola Ahmed Tinubu.
According to the Fund, the Student Loan Scheme was established to eliminate financial barriers to higher education and expand access to quality learning for Nigerian students, not to create additional financial burdens through unjustified fee increases or the withholding of legitimate refunds.
NELFUND disclosed that it has commenced engagements with the affected institutions and relevant regulatory authorities to ensure that all eligible students receive their refunds without further delay.
“NELFUND is engaging the affected institutions and relevant authorities to ensure that due refunds are made to eligible students and that institutional charges remain fair, transparent, and consistent with the objectives of the Scheme”, the statement read.
The agency also frowned at what it described as arbitrary increases in tuition fees and other institutional charges by some participating institutions, urging schools to maintain fair, transparent and accountable fee structures in line with the objectives of the student loan programme.
Reaffirming its commitment to protecting the interests and welfare of Nigerian students, NELFUND said it would take all necessary steps to safeguard the integrity and credibility of the Student Loan Scheme, describing it as a landmark national intervention aimed at promoting equitable access to higher education.
The Fund reassured students, parents, and other stakeholders that it remains committed to ensuring the benefits of the scheme reach the intended beneficiaries without exploitation, diversion, or abuse.
It urged all participating tertiary institutions to maintain the highest standards of transparency, accountability, and compliance in implementing the scheme, noting that the programme’s success depends on the cooperation and integrity of all stakeholders in Nigeria’s higher education system.
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