The Federal Government has inaugurated a high-level committee to harmonise and standardise fee payment procedures across tertiary institutions in Nigeria, in a move aimed at enhancing the financial coordination between universities and the Nigerian Education Loan Fund (NELFUND).
This development was disclosed by the Minister of Education, Dr. Tunji Alausa, in Abuja on Wednesday following a closed-door session with university Vice-Chancellors and NELFUND officials.
Speaking to journalists after the meeting, Alausa acknowledged that while universities have been receiving disbursements promptly, there remains a pressing need to improve the efficiency and clarity of the current systems, particularly regarding timelines and communication protocols.
He also addressed recent speculations concerning financial irregularities within the student loan body, saying, “There is no fraud in NELFUND as speculated by the Independent Corrupt Practices and Other Related Offences Commission.”
He added, “The current processes are working, but we are working to better the world we have now. The aim is to serve both NELFUND and our citizens more efficiently, and align with the broader agenda of the current administration.”
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One of the key outcomes of the meeting, according to the minister, is the establishment of a committee that includes representatives from NELFUND, the Ministry of Education, the National Universities Commission (NUC), and various university management teams.
The committee’s main objective is to develop a standard fee nomenclature to be adopted across all universities. While institutions will continue to set their own fee amounts, the terminology used for fees and charges will be uniform to ensure clarity and transparency.
“The committee will come up with the timeline on when NELFUND will pay the fees and the timeline the university will notify students to determine and publish standard timelines for,” Alausa stated.
When asked about inconsistencies between student fee structures and the actual payments made by NELFUND, the minister clarified that variations are due to differing service charges applied by individual institutions.
“The committee will come up with a clear nomenclature on the charges, and all the problems of differences in school fees payment and the actual payment by NELFUND will be eliminated. Universities will disclose service charges upfront to avoid confusion over discrepancies in refunded amounts,” he explained.
Dr. Alausa reaffirmed the federal government’s dedication to creating a student-focused framework for managing educational finances, ensuring fairness, clarity, and greater trust in the loan process.
