By Emmanuella Oghenetega
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 Minister of Education, Dr. Maruf Alausa 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.
“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.
