The Nigerian Education Loan Fund (NELFUND) has dismissed as fake news a circulating image claiming that President Bola Tinubu announced life imprisonment for students who fail to repay their education loans after graduation.
NELFUND, in a post on its official X account on Sunday, shared the doctored image of what appeared to be the front page of The Daily Tribune, dated Thursday, 27 May 2027.
The purported newspaper carried the headline: “Tinubu: All students who fail to repay their loan after graduation will go to jail for life.”
However, NELFUND stamped the image with a large red “FAKE” overlay, stressing that the claim was false.
The agency has previously issued clarifications dismissing fabricated circulars and notices concerning its student loan scheme, including false claims about suspended upkeep payments and allegations that beneficiaries must begin repayment while still in school or immediately after graduation.
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 agency administers interest-free loans to eligible Nigerian students in public tertiary institutions to cover institutional fees and provide monthly upkeep allowances.
Under the governing law, repayment becomes due two years after completion of the National Youth Service Corps (NYSC) programme, or exemption from it, and only when the beneficiary is gainfully employed.
Monthly repayments are capped at 10 per cent of a beneficiary’s gross income or salary, with deductions made at source by employers where applicable.
Self-employed beneficiaries are also required to remit a similar portion of their income.
NELFUND added that beneficiaries who remain unemployed after the two-year period may seek extensions by providing a sworn statement.
The Fund urged students, beneficiaries and members of the public to rely on its official communication channels for accurate information concerning the education loan scheme and to disregard unverified claims circulating online.
