NELFUND Debunks Life Imprisonment for Loan Defaulters

The Nigerian Education Loan Fund (NELFUND) has dismissed as fake a circulating report claiming that President Bola Tinubu approved life imprisonment for students who fail to repay education loans after graduation.

In a post on its official X account on Sunday, NELFUND described the purported newspaper publication making the claim as a doctored image.

The agency shared the image, which carried the headline, “Tinubu: All students who fail to repay their loan after graduation will go to jail for life,” and marked it with a red “FAKE” label.

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NELFUND said it had previously debunked several false claims relating to the student loan scheme, including fake notices on suspended upkeep payments and misleading reports that beneficiaries must begin repayment while still in school.

The education loan scheme was established under the Student Loans (Access to Higher Education) Act, signed by President Bola Tinubu and amended in 2024.

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Under the law, beneficiaries are expected to begin repayment two years after completing the National Youth Service Corps programme or receiving an exemption, provided they are gainfully employed.

Repayment is capped at 10 per cent of a beneficiary’s gross income or salary, with employers responsible for deductions at source where applicable.

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NELFUND added that unemployed beneficiaries can apply for extensions by providing a sworn statement.

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