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The Nigerian Education Loan Fund (NELFUND) has charged student leaders across various tertiary institutions to take full ownership of the interest-free education loan scheme.
The call came as the controversy rises alleging some tertiary institutions tampering with the student loan scheme.
The Managing Director/Chief Executive of NELFUND, Mr. Akintunde Sawyerr, made the call to the student leaders on Thursday at a Stakeholders Engagement Session & Technical Workshop – Day 4.
The session had attracted Students Union Presidents of tertiary institutions and officials of the National Association of Nigerians (NANS).
Sawyerr, who said NELFUND is fully committed to remove financial barriers and create opportunities for all Nigerian students to thrive, no matter their background, called on students to collaborate with the agency to enhance positive impact of the scheme.
"To make this work, we need you. Your voice. Your leadership. Your engagement on campus. Help us raise awareness, refine our processes, and ensure that this scheme reaches every student it was designed to serve," he said.
The NELFUND MD said the event aligned deeply with the Renewed Hope Agenda of President Bola Ahmed Tinubu, that is rooted in inclusion, empowerment, and a renewed commitment to education as a national priority.
The Executive Director of Operations, NELFUND, Iyal Mustapha warned institutions against delay in the verification of students application.
According to him, once applications are verified, they are sent to institutions for confirmation, a step that has occasionally delayed disbursement due to slow responses from some schools.
“We need your schools to respond quickly. If they don’t confirm your status, we can’t release the funds.
" You must be involved in making sure your institutions do the right thing.
“This is your opportunity, we are the youth, and we are here to support you. This loan is about removing barriers so you can focus on your education.
"There is no interest, no guarantor, and no harassment, just commitment to learning," he said.
He explained that the loan scheme was designed to tackle dropout rates due to financial hardship, offering Nigerian students access to loans that cover institutional charges and provide monthly upkeep support.
“There is no reason for anyone to drop out of school,” he emphasised.
He also addressed concerns about loan repayment, assuring students that repayment would only begin two years after completing National Youth Service Corps (NYSC) and only if the graduate is employed.
In cases of death or verified permanent disability, he said the loan would be forgiven.
“No one is chasing you. This is your loan. This is your government. And your repayment helps the next generation," he said.
He advised students who had gotten their upkeep without the institutional fees to approach their institutions, noting that upkeep cannot be paid without paying the institutional fees.
"One of the thing we realised is that some of the institutions are not notifying the students of payment.
"Anyone that have gotten upkeep, it's important to know that his/her institutional charges has been paid to the institutions already," he explained.
Also speaking, the President, National Association of Nigerian Students (NANS), Olushola Oladoja warned institutions and individuals allegedly sabotaging the federal government’s student loan scheme.
Oladoja, while speaking on the allegations of sabotage by institutions, said the association had set up a five-man investigative committee to probe growing concerns over the disbursement and accountability of the loan funds.
He emphasised the importance of the meeting, describing it as “crucial and timely” amid growing concerns over challenges within the loan application and disbursement process.
“We got information that there are issues in NELFUND—cases where the fund claims to have paid institutions, but schools failed to notify the students.
“This cannot be allowed to continue. Our committee will engage NELFUND directly, we will visit the Independent Corrupt Practices Commission (ICPC) to verify their findings, and we will get to the bottom of this,” he said.
Also, Umar Lawal, a final year student of Bayero University, Kano, praised President Bola Tinubu’s administration for delivering on its promise of student loan scheme aimed at transforming tertiary education in Nigeria.
While expressing deep appreciation for the scheme, Lawal also raised serious concerns about transparency and accountability among some tertiary institutions which he said would be addressed.