Mathew Amaechi
In a move to streamline financial operations in higher education, the Federal Government has launched a high-level committee tasked with standardizing fee payment processes for student loans across Nigerian tertiary institutions. The initiative, announced Wednesday by Education Minister Dr. Tunji Alausa, aims to eliminate discrepancies in tuition charges and bolster transparency amid scrutiny over the Nigerian Education Loan Fund (NELFUND).
The committee, comprising representatives from NELFUND, the Ministry of Education, the National Universities Commission (NUC), and senior university officials, will establish uniform terminology for student fees and set clear timelines for disbursements. The announcement followed a closed-door meeting in Abuja between the minister, vice-chancellors of federal universities, and NELFUND management.
Dr. Alausa vehemently denied allegations of corruption within NELFUND, recently raised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC). “There is no fraud in NELFUND,” he asserted, emphasizing that while funds have reached institutions promptly, systemic inefficiencies remain. “The current processes work, but we aim to better the system for students, universities, and the public,” he added.
A key mandate for the committee is resolving inconsistencies in fee structures, particularly “service charges” that vary between institutions and contribute to confusion. Under the new framework, universities will adopt standardized terms for all fees, though amounts may differ based on location and programs. Institutions will also be required to disclose service charges upfront, ensuring students and NELFUND agree on costs before disbursements.
“The committee will eliminate discrepancies between what schools charge and what NELFUND pays,” Alausa explained. “Universities must notify students of timelines for fee submissions, and NELFUND will adhere to strict payment schedules.”
The overhaul aligns with President Bola Tinubu’s broader agenda to make education financing more accessible and efficient. Over 1.2 million students applied for loans in NELFUND’s first phase, underscoring the urgency of reliable processes.
Stakeholders, including National Association of Nigerian Students (NANS) representatives, welcomed the move but urged swift implementation. “Standardized terms will reduce conflicts and ensure loans cover actual costs,” said NANS President Lucky Emonefe.
The committee is expected to deliver recommendations within 30 days, with full rollout targeted for the 2024/2025 academic session. As reforms progress, the Federal Government pledges “a holistic, student-centered approach” to transform education funding and restore public trust in NELFUND.