The the Nigerian Education Loan Fund (NELFUND) has uncovered cases of students collecting loans from the organisation while their parents are still paying school fees.
Managing Director of NELFUND, Akintunde Sawyerr, who disclosed this on Wednesday during a press briefing in Abuja, said the fund had discovered cases of students benefiting from the loan scheme while their parents continued to pay their tuition fees.
He added that delays could sometimes occur because of the financial institutions involved in processing the payments.
Providing an update, NELFUND’s Executive Director, Mustapha Iyal, disclosed that about 400,000 students were covered by the pilot phase of the payment system.
He said around 20,000 additional students had been recorded between the previous week and the week of the briefing, while the system processed transactions for nearly 5,000 students daily.
Iyal further explained that each student had a wallet linked to their application identification number. The wallet system helps the fund manage payments, while institutional fees and upkeep allowances are handled separately.
The Federal Government introduced the student loan scheme to help eligible students access higher education without being prevented from enrolling because they cannot pay their school fees upfront.
Sawyerr described the practice as unacceptable, adding that NELFUND would take steps to end it and improve transparency in the management of the scheme.
“This comment is based on our recognition that there are so many students out there who are double-dipping. They are taking from the NELFUND and still stressing their parents,” he said.
“We are going to put an end to that.”
Under the new arrangement, parents will be able to check whether NELFUND has paid their children’s school fees. However, they will not necessarily have access to the exact amount paid.
Providing an update, Iyal disclosed that about 400,000 students were covered by the pilot phase of the payment system.
He said around 20,000 additional students had been recorded between the previous week and the week of the briefing, while the system processed transactions for nearly 5,000 students daily.
Iyal further explained that each student had a wallet linked to their application identification number. The wallet system helps the fund manage payments, while institutional fees and upkeep allowances are handled separately.
The Federal Government introduced the student loan scheme to help eligible students access higher education without being prevented from enrolling because they cannot pay their school fees upfront.
