The Nigerian Education Loan Fund (NELFUND) has uncovered a shocking 900% tuition increase in 10 tertiary institutions, with fees jumping from \u20a6200,000 to \u20a62 million in a single academic year. <\/p>\n\n\n\n
Mustapha Iyal, NELFUND\u2019s Executive Director of Operations, revealed the discovery during a media briefing in Abuja, stating the Fund\u2019s system automatically flagged and rejected the questionable fee hikes. <\/p>\n\n\n\n
\u201cWe stopped some applications from going through because we checked the fees that we had last year for certain institutions. Some had like \u20a6200,000 (last year), but this year, they have like \u20a62 million,\u201d he said. <\/p>\n\n\n\n
Iyal criticized the unjustified surge, warning it could sabotage the student loan scheme and burden borrowers. However, he withheld the names of the implicated schools pending further investigation. <\/p>\n\n\n\n
Amid the fee controversy, NELFUND announced it has already disbursed \u20a673.2 billion to 396,000 students nationwide. <\/p>\n\n\n\n
Akintunde Sawyerr, the Fund\u2019s Managing Director, confirmed \u20a638.3 billion covered tuition, while \u20a634.9 billion went to upkeep allowances. Beneficiaries span 206 institutions across all 36 states and the FCT. <\/p>\n\n\n\n
Sawyerr credited the scheme\u2019s success to President Bola Tinubu\u2019s Renewed Hope Agenda, citing milestones like a fully digital loan portal ensuring transparency, expansion to include technical and vocational students and swift resolution of banking and wallet issues.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The Nigerian Education Loan Fund (NELFUND) has uncovered a shocking 900% tuition increase in 10 tertiary institutions, with fees jumping from \u20a6200,000 to \u20a62 million in a single academic year. Mustapha Iyal, NELFUND\u2019s Executive Director of Operations, revealed the discovery during a media briefing in Abuja, stating the Fund\u2019s system automatically flagged and rejected the questionable fee hikes. \u201cWe stopped some applications from going through because we checked the fees that we had last year for certain institutions. Some had like \u20a6200,000 (last year), but this year, they have like \u20a62 million,\u201d he said. Iyal criticized the unjustified surge, warning it could sabotage the student loan scheme and burden borrowers. However, he withheld the names of the implicated schools pending further investigation. Amid the fee controversy, NELFUND announced it has already disbursed \u20a673.2 billion to 396,000 students nationwide. Akintunde Sawyerr, the Fund\u2019s Managing Director, confirmed \u20a638.3 billion covered tuition, while \u20a634.9 billion went to upkeep allowances. Beneficiaries span 206 institutions across all 36 states and the FCT. Sawyerr credited the scheme\u2019s success to President Bola Tinubu\u2019s Renewed Hope Agenda, citing milestones like a fully digital loan portal ensuring transparency, expansion to include technical and vocational students and swift resolution of banking and wallet issues.<\/p>\n","protected":false},"author":2,"featured_media":25089,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51],"tags":[],"class_list":["post-26084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/26084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26084"}],"version-history":[{"count":1,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/26084\/revisions"}],"predecessor-version":[{"id":26085,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/26084\/revisions\/26085"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/media\/25089"}],"wp:attachment":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}