NELFUND Refutes Life Imprisonment Claim for Loan Defaults
The Nigerian Education Loan Fund (NELFUND) has dismissed a viral claim stating that students who do not repay their education loans after graduation could face life imprisonment. NELFUND described this claim as fake news in a post on its official X account on Sunday.
The clarification comes amidst ongoing misinformation regarding the Federal Government’s student loan programme, particularly concerning loan disbursement and repayment penalties. NELFUND Managing Director, Akintunde Sawyerr, previously explained that graduates are not required to start repaying their loans immediately after graduation; instead, they have a two-year period to secure employment and achieve financial stability.
NELFUND was established under the revised Student Loan Act signed into law by President Bola Tinubu in April 2024, replacing the previous legislation. Since its inception, NELFUND has disbursed N355.87 billion to 1.16 million beneficiaries across 270 institutions, with a significant portion allocated for institutional fees and student upkeep allowances.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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