he Federal Ministry of Education has unveiled new guidelines for the Nigerian Education Loan Fund (NELFUND), aimed at standardising institutional charges and ensuring transparency in student loan transactions across universities, polytechnics, and colleges of education.
Announcing the development, the Honourable Minister of Education, Dr. Maruf Alausa, CON, said the move reflects the Ministry’s commitment to Nigerian students and parents by addressing recent concerns surrounding NELFUND operations.
He explained that following extensive consultations with Vice-Chancellors, Rectors, and other stakeholders, the Ministerial Committee found no evidence of mismanagement of funds. However, it identified the need for a harmonised system to strengthen trust, transparency, and efficiency in loan administration.
The Committee recommended several reforms, including:
-
a harmonised fee nomenclature for all tertiary institutions,
-
strict timelines for internal verification and disbursement of funds,
-
clear multi-channel communication with students,
-
a uniform refund policy, and
-
engagement with the Central Bank of Nigeria (CBN) to facilitate real-time access to balances domiciled in the Treasury Single Account.
It also stressed that all processes must be evidence-based and supported by reliable data.
Under the new framework, guidelines issued by the Ministry will replace individual Memoranda of Understanding previously signed between NELFUND and tertiary institutions. This change is expected to streamline administration, enhance operational efficiency, and ensure that no eligible student is denied access to registration or examinations due to delays in funding.
Dr. Alausa described the guidelines as a significant milestone in implementing President Bola Ahmed Tinubu’s Renewed Hope Agenda for the education sector. He commended the President for prioritising youth empowerment, quality education, and policies that place Nigerian students at the centre of national development.
The Honourable Minister of Education, Dr. Maruf Alausa, and the Minister of State for Education, Professor Suwaiba Said Ahmad, jointly expressed appreciation to President Tinubu for his unwavering commitment to the education sector and the welfare of Nigerian students.
“This is another good day for Nigerian students and their families. It is a clear demonstration of President Bola Ahmed Tinubu’s belief in education as the foundation of society and in our youth as the heartbeat of the nation. On behalf of the Ministry and millions of students across the country, we express our deep appreciation to Mr. President for his continued support in expanding access to durable, high-quality education for all Nigerians,” the Ministers said.
The Federal Ministry of Education assured the public that it will continue to monitor the implementation of the guidelines to ensure accountability, efficiency, and the full realisation of the NELFUND Student Loan Scheme.
Elijah Adeyem
