The Managing Director of Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, says the Fund cannot pay institutional fees for newly admitted students until they complete their registration and matriculation processes.
Speaking in an interview with the News Agency of Nigeria (NAN) in Abuja, Sawyerr said paying fees upfront for freshers who have not formally enrolled could lead to major financial losses.
“If we pay fees for students that have not entered, what if they change their minds and don’t go to the schools anymore? We cannot just say because somebody has been admitted, we will pay before registration or matriculation,” he said.
He warned that disbursing funds before documentation would amount to “paying against intention,” a move that could result in billions of naira lost to students who may drop out, switch institutions, study abroad, or abandon their programmes.
Sawyerr explained that one major barrier is the requirement for a matriculation number before a student can access the loan.
NELFUND is currently in discussions with institutions to temporarily allow the use of JAMB registration numbers for registered freshers awaiting matriculation.
“There are many genuine students who have applied but need a matriculation number to process their fees.
“We are working with schools to see how registered students can use their JAMB numbers as a substitute,” he said.
Reflecting on the Fund’s evolution, Sawyerr noted that the original 2023 law establishing NELFUND contained several flaws—mandatory guarantors, an exclusionary household income cap of ₦500,000, and no provision for students’ upkeep.
He said these gaps prompted President Bola Tinubu to push for a repeal, resulting in a new Education Loan Act passed and launched in May 2024.
“From May 2024 till now, not for a single day has the site crashed despite high demand. We have received applications, processed them, and paid students and institutions seamlessly,” he added.
Sawyerr thanked President Tinubu for strengthening the student loan system, which he described as a lifeline for thousands of learners who might otherwise have abandoned their education.
