They also continue to receive N20,000 monthly upkeep stipends despite no longer being students.
Fresh graduates from public tertiary institutions have criticized Nigeria’s student loan scheme after discovering funds were disbursed to their schools months after graduation—long after they had paid fees out of pocket. Shockingly, many continue receiving N20,000 monthly stipends despite no longer being students, exposing flaws in the Nigeria Education Loan Fund (NELFUND) system. “I applied before graduation but got nothing until after I’d paid my fees,” one graduate told The PUNCH.
The scheme faces mounting scrutiny as the ICPC investigates alleged irregularities, revealing only N28.8bn of N100bn released reached applicants. NANS has threatened protests over the N71.2bn discrepancy, while the NOA accuses some institutions of illegal deductions. With delayed disbursements and ghost beneficiaries, calls grow for urgent reforms to the troubled program.