NELFund Demands Refunds For Loan Beneficiaries

The managing director of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr, has appealed to tertiary schools across the country to refund students who were double-charged tuition despite benefitting from the federal loan scheme.

He made the appeal yesterday at NELFUND’s first hybrid media engagement in Abuja.
Sawyerr warned that institutional non-compliance could jeopardise both public trust and the long-term sustainability of the programme.

He explained that the scheme, launched on May 24, 2024, was fast-tracked by President Bola Tinubu to respond to a growing dropout crisis among university students, many of whom were on the verge of abandoning their education due to economic hardship.

“The president wanted us to quickly start the scheme because there was a recognition that people were dropping out, even those in 300 and 400 levels. We had to move, even if it meant starting mid-session,” he said.

Sawyerr, however, acknowledged that the urgency led to a misalignment with academic calendars and institutional deadlines.

He said this resulted in some students paying their fees out-of-pocket, often through desperate borrowing, only for NELFUND to later disburse funds to the same schools on their behalf.

“In such cases, these institutions are morally and professionally obligated to refund the students. Some schools have done the right thing, others have not. This has caused unnecessary distress for the already vulnerable students,” he said.

“The situation has drawn the attention of Nigeria’s anti-corruption agencies, including the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC), following petitions by some students and media exposés.

“We have been questioned as an organisation. The institutions, too, have been questioned. We are not shielding anyone. If they can’t refund the students directly, they should return the funds to us, and we’ll ensure the students get their money back.

“There are students out there desperately trying to start their lives, and some institutions are making it harder for them. I appeal to all schools: do the right thing. Refund these students,” he said.

The NELFUND boss emphasised the importance of protecting the fund’s integrity, warning that sensationalist reporting or misinformation could undermine efforts to attract private-sector investment—a key to the scheme’s future viability.

“This is not just about education financing, this is a national transformation project,” he said. “If you love Nigeria, you will support this programme. We cannot allow false narratives to derail a scheme that has already given hope to thousands of young Nigerians,” Sawyerr declared.

He pointed to the public-facing transparency dashboard as evidence of NELFUND’s commitment to accountability. “We publish our data daily – not to save face, but to assure those who want to invest that this is a clean and accountable operation.”

On skills development, the executive director of Operations at NELFUND, Mr. Muspaha Iyal, said the agency was working with the Federal Ministry of Education on the implementation of the new Technical and Vocational Education and Training (TVET) initiative, which has received nearly one million applications.