Lawmaker Slams NELFUND for Unrecorded Student Loan Disbursements

Rep. Terseer Ugbor (APC-Benue) has publicly criticized the Nigerian Education Loan Fund (NELFUND) for its lack of transparency and the absence of public records in managing loans for tertiary students.

Ugbor, who previously chaired the House Adhoc Committee on Students Loans, demanded greater openness and warned against political interference in the fund's operations.

Ugbor highlighted several critical issues, stating that there were "no public records on the actual number of loans so far disbursed." He pointed out the absence of data on total expenditure, repayment plans, and the number of participating institutions.

Additionally, he raised concerns about the lack of credit life and health insurance for students, questioning the recovery methods in cases involving death, disability, or default.

The lawmaker emphasized the need for equity, transparency, and accountability in the scheme, urging NELFUND to be wary of political interests in the management of the fund, including the selection of vendors and recruitment of staff.

He stressed that ensuring transparency in student loan management should be part of President Bola Tinubu's legacy initiatives.