The Fund also expressed concern over arbitrary increases in tuition and other institutional charges by the affected institutions.
In a statement signed on Monday by its Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND stated that it had noted the developments with concern and would not allow the objectives of the Student Loan Scheme to be undermined.
The Student Loan Scheme, an initiative of the administration of President Bola Ahmed Tinubu, was established to remove financial barriers to higher education and not to create additional burdens for Nigerian students, the Fund emphasised.
According to the notice, NELFUND is already engaging the affected institutions as well as relevant authorities to ensure that due refunds are made to all eligible students without further delay.
The Fund also said it is working to ensure that institutional charges remain fair, transparent, and consistent with the purpose for which the Scheme was created.
NELFUND reiterated its commitment to protecting the interests of students and preserving the integrity of the loan scheme, which it described as a landmark national intervention.
The Fund assured students and stakeholders that it will take all necessary steps to ensure that the benefits of the Scheme reach the intended beneficiaries without exploitation or diversion by any institution.
“NELFUND is engaging the affected institutions and relevant authorities to ensure that due refunds are made to eligible students and that institutional charges remain fair, transparent, and consistent with the objectives of the Scheme.
“NELFUND remains committed to protecting the interests of students and preserving the integrity of this landmark national intervention,” the statement said.
