Several graduates from public tertiary institutions have raised concerns about the delayed disbursement of student loans under the Nigeria Education Loan Fund (NELFUND), revealing that funds meant for tuition were released months after they had already graduated—and long after they had personally settled their fees.
Despite no longer being students, some of them continue to receive the N20,000 monthly upkeep stipend, prompting questions about the efficiency of the loan scheme’s administration.
In interviews with The PUNCH, affected individuals said they applied for the loans before graduation but experienced significant delays, forcing them to seek alternative means to pay their tuition. In some cases, disbursements were made to institutions months after the applicants had left school.
“I applied for the loan in my final semester. When nothing came, I paid my fees myself and graduated,” one graduate said. “Later, I discovered the loan had been disbursed to my school. I contacted them, but they told me to request a refund. How do I request a refund when I’m no longer a student?”
Another graduate from the University of Benin said, “I received an upkeep payment of N20,000 last month and found out the loan had just been approved—months after graduating. This shows serious mismanagement.”
Parents are also expressing frustration. One parent, Mr. Ibrahim, said his son, who graduated two months ago, was surprised to still be receiving maintenance funds. “We don’t know how to stop it,” he said.
These complaints come amid broader scrutiny of the student loan program. The National Orientation Agency (NOA) recently alleged that some institutions, in collusion with banks, were profiting by making unauthorised deductions and delaying disbursements to exploit the funds.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched an investigation, revealing that while NELFUND released N100 billion in loans, only N28.8 billion reached the intended beneficiaries, leaving N71.2 billion unaccounted for.
In a statement, ICPC spokesperson Demola Bakare confirmed that a Special Task Force was investigating the allegations, including reports that some institutions deducted between N3,500 and N30,000 from tuition paid via the loan scheme.
The National Association of Nigerian Students has condemned the discrepancies and vowed to protest if the issues are not addressed.
The Academic Staff Union of Universities (ASUU) has also weighed in, with its National President, Prof. Emmanuel Osodeke, stating that the union is monitoring the situation and expects those responsible to be held accountable.
Efforts to reach NELFUND’s Director of Corporate Communications, Oseyemi Oluwatuyi, were unsuccessful as of the time of filing this report.
