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The Nigerian Education Loan Fund (NELFUND) has dismissed as false a viral publication claiming that President Bola Tinubu has approved life imprisonment for students who fail to repay their education loans after graduation.
The agency described the claim as “fake news” in a post on its official X account on Sunday, where it also published an image of the purported newspaper front page being circulated online.
The doctored publication, dated Thursday, May 27, 2027, carried a headline alleging that Tinubu had declared: “All students who fail to repay their loan after graduation will go to jail for life.”
NELFUND placed a prominent red “FAKE” stamp across the image, signalling that the purported announcement did not originate from the government.
The latest clarification is part of a series of warnings by the Fund against misleading information concerning the student loan scheme. NELFUND has previously debunked fabricated circulars and notices concerning the suspension of the student loan disbursement programme.
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. (Channels TV)
