NELFUND managing director Akintunde Sawyerr explained that the Fund cannot pay fees for freshers before registration due to financial risks, but is working with schools on a temporary solution.
The managing director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has explained why the Fund cannot pay institutional fees for new students before they complete registration or matriculation, according to a report from the PEOPLES GAZETTE.
In an interview in Abuja, Sawyerr said paying tuition before registration could result in “large-scale financial losses for the Fund.”
“If we pay fees for students who 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 to a school, and we will pay the fees before registering or matriculating,” he said.
Sawyerr highlighted that disbursing against intention could be risky, as students might drop out, transfer abroad, or switch courses after fees are paid. Another challenge is that students need a matriculation number to access the loan.
To address this, NELFUND is working with tertiary institutions to allow the use of Joint Admissions and Matriculation Board (JAMB) registration numbers temporarily.
He also reflected on NELFUND’s early challenges, including the initial law requiring guarantors and limiting eligibility to households earning under N500,000 annually. The law was repealed and replaced with a new Education Loan Act in May 2024.
Sawyerr said, “From May 2024, when we started and now, we are delighted that, not for a single day has the site crashed… We have been able to receive applications on a steady basis, process them, pay students and their institutions from what has been allocated to us.”
He praised President Bola Tinubu for making NELFUND a lifeline for thousands of students.