The Nigerian Education Loan Fund (NELFUND) has debunked a viral claim that President Bola Tinubu approved life imprisonment for students who default on their education loan repayments after graduation.
The agency issued the clarification on Sunday after an image purporting to be a newspaper front page began circulating online, alleging that graduates who fail to repay their student loans would face life imprisonment.
NELFUND described the publication as false, sharing the doctored image on its official social media platform with a “fake” label to set the record straight.
The fund was established under the Student Loans (Access to Higher Education) Act, signed into law by President Tinubu and re-enacted in 2024. It provides interest-free loans to eligible Nigerian students in public tertiary institutions, covering institutional charges and, where applicable, monthly upkeep payments.
Under the current repayment framework, beneficiaries are not required to begin repayment immediately after graduation. Repayment only becomes due two years after a beneficiary completes the National Youth Service Corps (NYSC) programme or obtains an exemption from the scheme.
Repayment is also tied to employment status, meaning beneficiaries are expected to begin paying back their loans once they secure gainful employment after the stipulated waiting period.
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