The Nigerian Education Loan Fund (NELFUND) has expressed concern over the growing spread of inaccurate, misleading, and speculative reports about the management of the student loan scheme. These reports, which imply misappropriation and mismanagement of funds, are described by the agency as entirely false and irresponsible, potentially harming the reputation of an institution aimed at providing financial support to Nigerians.
A statement from Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, clarified that such reports are part of a deliberate distortion of facts. She emphasized, “This is a coordinated distortion of facts that undermines public trust, weaponizes misinformation, and threatens the credibility of a national intervention still in its infancy.” NELFUND assured that no funds have been mismanaged or stolen under the current student loan scheme.
NELFUND launched the student loan application portal in 2024, and since then, all institutional fees have been paid directly to verified institutions, with upkeep allowances being deposited into the verified bank accounts of eligible students. The agency further pointed out that the figures currently circulating in the public domain are unrelated to the NELFUND student loan scheme, as they pertain to other, earlier education financing interventions. These reports, the agency says, should not be falsely linked to NELFUND.
The agency also emphasized the automated nature of its operations. “NELFUND operates a zero human interface, fully automated loan system that eliminates opportunities for financial misconduct. Every application and disbursement is digitally tracked, time stamped, and verifiable,” it explained. NELFUND reiterated its commitment to transparency, stating its full cooperation with oversight bodies like the Independent Corrupt Practices and Other Related Offences Commission (ICPC). “We have complied fully with every request for information and will continue to uphold the highest standards of public accountability,” the agency affirmed.
NELFUND condemned the circulation of unverified claims at this crucial stage of the student loan scheme’s rollout, calling it not only reckless but a deliberate attempt to undermine the program. The agency urged the media, stakeholders, and the public to resist sensationalism and to wait for verified updates directly from NELFUND. It concluded by reaffirming its dedication to the transparent delivery of this vital initiative for Nigeria’s youth. “The future of Nigeria’s youth is too important to be hijacked by misinformation,” NELFUND stressed.
