Metro
NELFUND Debunks Fake Claim Of Life Imprisonment For Loan Defaulters
The Nigerian Education Loan Fund (NELFUND) has dismissed as “fake news” a circulating image claiming that President Bola Tinubu had announced life imprisonment for students who fail to repay their education loans after graduation. In a post on its official X account on Sunday, NELFUND shared the doctored image, which……
The Nigerian Education Loan Fund (NELFUND) has dismissed as “fake news” a circulating image claiming that President Bola Tinubu had announced life imprisonment for students who fail to repay their education loans after graduation.
In a post on its official X account on Sunday, NELFUND shared the doctored image, which purportedly showed the front page of The Daily Tribune dated Thursday, May 27, 2027, and urged the public to disregard the claim.
The headline read in part, “Tinubu: All students who fail to repay their loan after graduation will go to jail for life.”
The Fund, however, stamped the purported paper with a large red “FAKE” overlay, insisting that the claim was false.
NELFUND has previously issued clarifications dismissing fabricated circulars, notices about suspended upkeep payments and false claims that beneficiaries must begin repayment while still in school or shortly after graduation.
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The Fund was established under the Student Loans (Access to Higher Education) Act, signed into law by President Tinubu and re-enacted in 2024.
NELFUND has in the past issued clarifications dismissing fabricated circulars and notices claiming that upkeep payments had been suspended, as well as false reports that beneficiaries were required to begin repaying their loans while still in school or shortly after graduation.
The Fund was established under the Student Loans (Access to Higher Education) Act, which was signed into law by President Bola Tinubu and re-enacted in 2024.
NELFUND administers interest-free loans to eligible Nigerian students in public tertiary institutions to cover institutional fees and provide monthly upkeep allowances.
Under the law, repayment becomes due two years after a beneficiary completes the National Youth Service Corps programme or is exempted from it, and only when the beneficiary is gainfully employed.
Monthly deductions are capped at 10 per cent of the beneficiary’s gross income or salary and are deducted at source by employers where applicable.
Self-employed beneficiaries are required to remit a similar portion of their income.
However, beneficiaries who remain unemployed after the two-year period may seek extensions by providing a sworn statement.
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