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STUDENT LOANS
The Federal Ministry of Education has launched a formal probe into alleged unauthorized deductions from student loans disbursed under the Nigerian Education Loan Fund (NELFund) by some Nigerian universities, following a media report that raised serious concerns.
This was disclosed in the latest Student Loan Dashboard Update as of March 26, 2025, shared by NELFUND on its official X page.
The federal government agency in charge of student loans, the Nigerian Education Loan Fund (NELFUND), has explained why there are no students of any South-East higher institution among the beneficiaries of its loans disbursed so far.
The federal government has stated it has earmarked around N100 billion as Energy Transition Fund to provide Compressed Natural Gas (CNG) vehicles to Nigerians as well as N60 billion for the now postponed student loan program.
President Bola Tinubu has instructed the NELFUND management to broaden its scope by providing interest-free loans to Nigerian students.
Experts who are concerned about Nigeria’s educational system have suggested that embracing student loans is not a viable option
The bill seeks the establishment of the Nigerian Education Bank
President Joe Biden has stated that the United States government will forgive $10,000 in student loans for each borrower.