The Nigerian Education Loan Fund (NELFUND) has highlighted Nigeria’s zero percent interest rate on student loans, contrasting it with rates charged in the United Kingdom, the United States, Kenya, and Ghana.
In a post on its official X account, NELFUND Updates listed student loan interest rates at six per cent in the UK, eight per cent in the US, four per cent in Kenya and six per cent in Ghana, compared with zero per cent in Nigeria.
The post described Nigeria’s student loan scheme as a distinctive initiative, claiming the country is the only one in Africa offering interest-free student loans while maintaining relatively low tuition fees.
It also praised NELFUND as one of the administration’s notable initiatives aimed at expanding access to higher education.
The student loan scheme is designed to help eligible Nigerian students finance their education and reduce the financial barriers faced by students seeking admission to tertiary institutions.
However, the interest rates cited for other countries and the claim that Nigeria is the only African country offering zero-interest student loans would require independent verification before being treated as established facts.
Meanwhile, NELFUND has reportedly disbursed more than ₦30.7 million to students of two tertiary institutions, as students from other schools continue to report delays and discrepancies in their loan applications.
According to a post by NG Youth for Education on X on Wednesday, Nuhu Bamalli Polytechnic, Zaria, received ₦5.54 million for 142 students, while Sokoto State University received ₦25.2 million for 491 students.
The post also highlighted complaints from students of several institutions over outstanding payments, discrepancies between portal balances and school fees, and applications that remain pending or have been stopped.
At the University of Ilorin, a student reportedly saw ₦66,800 on the NELFUND portal against school fees of ₦151,806. At the Federal University of Agriculture, Abeokuta, another reported ₦125,000 on the portal compared with institutional fees of ₦133,000.
A student of Ladoke Akintola University of Technology reportedly said the upkeep option had been selected, but the relevant section remained empty.
Other complaints included a pending first application at Kwara State University, an application at the University of Calabar showing ₦120,000 against a reported ₦240,000 and subsequently marked “Stopped”, and outstanding September and October payments at Olabisi Onabanjo University.
The post also cited guidance from NELFUND support that students can request upkeep allowance only during their initial application and cannot add it later.
Students were encouraged to share their institutions and application statuses to help document the reported experiences.
The post advised applicants not to pay anyone to manage or process their NELFUND portals.
NELFUND was established to provide financial assistance to eligible Nigerian students pursuing higher education
Credit: tvcnews.tv
