The Nigerian Education Loan Fund (NELFUND) has issued a public warning to tertiary institutions that are withholding fee refunds from students and raising charges without justification, despite already receiving direct loan disbursements on those students' behalf.
In a notice published on 29 June 2026 and signed by Director of Strategic Communications Oseyemi Oluwatuyi, NELFUND said it had observed with reports of institutions either delaying or outright refusing to refund students whose tuition had already been paid before the agency's disbursements arrived, effectively leaving students out of pocket twice.
The agency also flagged a separate but related issue saying some institutions have been arbitrarily increasing tuition and other charges, undermining the very purpose of the scheme.
"The Student Loan Scheme was established to remove financial barriers to higher education, not to create additional burdens for Nigerian students," the notice stated.
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NELFUND said it is now engaging directly with the institutions concerned as well as relevant regulatory authorities to ensure that outstanding refunds are returned to eligible students and that all institutional charges remain fair, transparent and consistent with the scheme's objectives.
Since President Bola Tinubu launched the Student Loan Scheme in 2024, NELFUND has disbursed more than N282 billion to over 1.5 million students across Nigeria's tertiary institutions.
National Association of Nigerian Students (NANS) President Babtee Akinteye welcomed the agency's intervention, while beneficiaries on social media shared alerts showing N20,000 upkeep payments landing in their accounts on the same day the notice was issued.
NELFUND said it remains firmly committed to protecting student interests and preserving the integrity of what it described as a landmark national intervention in access to higher education.
It has not yet named the institutions under scrutiny, but says engagement with schools and regulators is ongoing.
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