🔥 Trending Nigerian Education Loan Fund (NELFUND) Faces Scrutiny Over Student Refunds and D

The Nigerian Education Loan Fund (NELFUND) is currently investigating 34 tertiary institutions across the country. These investigations stem from allegations that the institutions failed to refund students whose tuition fees were paid twice under the Federal Government's student loan scheme ¹²³⁵.

Details of the Investigation

NELFUND's Managing Director, Akintunde Sawyerr, disclosed that the investigations were launched following numerous complaints from students regarding delayed refunds due to these double payments ¹⁶. The fund has even enlisted the Economic and Financial Crimes Commission (EFCC) to assist in probing these institutions ⁴.

The issue arises when NELFUND disburses tuition fees to institutions on behalf of students, but some of these students had already paid their fees independently, leading to a double payment scenario. The institutions are then expected to refund the excess payment to the students, which some have allegedly failed to do ¹².

Broader Context of the Student Loan Scheme

The Federal Government's student loan scheme has seen significant activity. As of July 3, 2026, NELFUND has disbursed a total of N303.91 billion in student loans. This includes an additional N21.71 billion disbursed between May 5 and July 3, 2026 ⁷. The number of beneficiaries has reached 1.64 million students, with institutional fee payments accounting for N190.06 billion of the total, and the remainder allocated to upkeep allowances ⁷. The scheme has been highlighted as a significant initiative, with over 1.6 million Nigerians benefiting from it ⁸.