The Nigerian Education Loan Fund (NELFUND) has
dismissed as fake a viral publication claiming that President Bola Tinubu
ordered students who fail to repay their education loans after graduation to
face life imprisonment.
The agency described the claim as “fake news” in a
post on its official X account on Sunday, while sharing an image of the
purported newspaper front page being circulated online.
The doctored publication, dated Thursday, May 27,
2027, carried a headline claiming that Tinubu had declared: “All students
who fail to repay their loan after graduation will go to jail for life.”
NELFUND placed a prominent red “FAKE” stamp
across the image, making it clear that the alleged announcement did not
originate from the Federal Government.
The clarification comes amid repeated warnings from
the Fund over misinformation surrounding the student loan scheme.
NELFUND has previously debunked fabricated circulars
and notices claiming that the student loan disbursement programme had been
suspended, urging members of the public to rely on official channels for
accurate information.
The Fund was established under the Student Loans
(Access to Higher Education) Act, which was signed into law by President Tinubu
and re-enacted in 2024.
NELFUND is responsible for administering zero-interest
loans to eligible Nigerian students in public tertiary institutions. The loans
are designed to cover institutional charges and, where applicable, provide
upkeep allowances.
Contrary to the viral claim, repayment of the loans
does not begin immediately after graduation.
Under the current framework, beneficiaries are
expected to begin repayment two years after completing the National Youth
Service Corps (NYSC) programme, provided they are employed or earning an
income.
For beneficiaries in paid employment, 10 per cent of
their monthly salary, wages and other income is deducted at source by their
employers and remitted towards repayment of the loan.
Self-employed beneficiaries are required to remit 10
per cent of their total monthly profit to NELFUND.
However, beneficiaries who remain unemployed and have
no income after the repayment period may apply for an extension by providing a
sworn statement in accordance with conditions prescribed by the NELFUND Board.
The Fund has continued to urge students and members of
the public to verify information about the loan scheme through its official
communication channels and disregard fabricated publications.
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