The Federal Ministry of Education has released the report of the Ministerial Committee on the Nigerian Education Loan Fund (NELFUND), outlining new guidelines to standardise the administration of institutional charges and ensure 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 step reaffirms the Ministry’s commitment to Nigerian students and parents by addressing issues that recently arose with NELFUND. He noted that after wide-ranging consultations with Vice-Chancellors, Rectors, and key stakeholders, the Committee found no evidence of mismanagement of funds but emphasised the need for a harmonised system that strengthens trust, transparency, and efficiency in the loan administration process.
The Committee made far-reaching recommendations, including the creation of a harmonised fee nomenclature for tertiary institutions, strict timelines for internal verification and disbursement of funds, clear communication with students through multiple channels, and a uniform refund policy. It also recommended that NELFUND engage the Central Bank of Nigeria to ease real-time access to balances domiciled in the Treasury Single Account while ensuring that all processes are 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 will streamline administration, improve operational efficiency, and guarantee that no eligible student is denied access to registration or examinations due to funding delays.
Dr. Alausa described the release of these guidelines as another milestone in the implementation of President Bola Ahmed Tinubu’s Renewed Hope Agenda for the education sector. He praised the President for his unwavering commitment to youth empowerment, access to quality education, and policies that place Nigerian students at the centre of national development.
The Honourable Minister of Education, Dr. Maruf Alausa, and the Honourable Minister of State for Education, Professor Suwaiba Said Ahmad, jointly thanked President Tinubu for his unwavering commitment to the education sector and for prioritising the welfare of Nigerian students through transformative reforms such as the NELFUND guidelines.
“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 assures the public that it will continue to monitor the implementation of these guidelines to ensure accountability, efficiency, and the full realisation of the NELFUND Student Loan Scheme.
Director of Press and Public Relations
EduTimes Africa, a product of Education Times Africa, is a magazine publication that aims to lend its support to close the yawning gap in Africa's educational development.
