By Afolayan Sunday
The Nigerian Education Loan Fund (NELFUND) has officially dismissed a viral social media publication alleging that President Bola Tinubu approved a life sentence for students who fail to repay their education loans after graduation.
Describing the report as malicious “fake news,” the agency urged Nigerian students and the general public to completely disregard the misleading claims.
The misinformation stemmed from a heavily doctored image mimicking a newspaper front page.
The fabricated publication carried a headline claiming that Tinubu had declared that all students who default on their loans would face life imprisonment.
Taking to its verified official X (formerly Twitter) handle, NELFUND addressed the fake report head-on, stamping a bold red “FAKE” overlay across the circulating graphic to alert online users.
“There’s no life jail term for students who fail to repay loans. The speculation is fake,” NELFUND clarified.
NELFUND was established under the Student Loans (Access to Higher Education) Act, which was signed into law by President Tinubu and re-enacted in 2024.
The Fund administers zero-interest loans to eligible Nigerian students in public tertiary institutions, covering institutional charges and, where applicable, upkeep allowances.
Repayment does not begin immediately after graduation. Under the current framework, repayment becomes due two years after completion of the National Youth Service Corps programme, with the obligation tied to the beneficiary being 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 the employer for loan repayment.
Self-employed beneficiaries are required to remit 10 per cent of their total monthly profit to the Fund.
Beneficiaries who remain unemployed and have no income after the repayment period can seek an extension by providing a sworn statement in the manner prescribed by the NELFUND Board.
