NELFUND Boss Warns Institutions Against Sabotaging Student Loan Scheme

The Managing Director of the Nigeria Education Loan Fund (NELFUND), Akintunde Sawyerr has warned institutions against hoarding information about the disbursement of student loans to beneficiaries.

Sawyerr gave the warning in Abuja on Wednesday while speaking with journalists on the third day of a stakeholder engagement session/workshop on NELFUND system automation and loan application processes.

The third day of the engagement focused on provosts and other officials of colleges of education across the country.

Speaking on the challenges students face in accessing loans, Sawyerr emphasised that management of higher institutions must be proactive in disbursing funds to beneficiaries once they receive payments from NELFUND.

RELATED: NELFUND Debunks Alleged Diversion Of N54bn Student Loan Funds

“The issues at hand really lie with the management. The issue is to ensure that the management appreciates and understands, if you receive money on Monday, the student must really value it on Tuesday.

“Students should not wait one week, one month, or one year before they are told that they can attend classes. And the students must not be charged a naira extra because the commitment of NELFUND is to pay all the institutional charges.

“No school or institution should come and say NELFUND paid this, but this is not part of NELFUND because the instruction to the institutions is that these students, once we have paid all institutional charges, must access education, classes, tutorials, seminars, examinations, field trips.

“They must have access to education; we pay the whole amount. We don’t want students to put their hands in their pockets and bring out one extra naira. We don’t want the students to have to pay because the institutions told them we have not paid when we have.”

He said the agency has disbursed funds to 303 institutions on behalf of 293,000 students.

Sawyerr noted that President Bola Tinubu-led government established the Student Loan Scheme to eliminate financial barriers to tertiary education and give every Nigerian student a fighting chance to succeed regardless of their background or social standing.

“For Colleges of Education, this mission carries special significance. You train the educators who will shape generations. Supporting your students is not merely a transactional activity; it is a strategic investment in Nigeria’s intellectual and developmental future.

“When we integrate your institutions and students into the NELFUND ecosystem, we amplify the reach of education, foster resilience, and multiply the impact far beyond the individual,” he said.