STUDENT LOAN: FG SETS UP COMMITTEE TO STANDARDISE UNIVERSITY FEE PAYMENT

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By Oduola F.A.

The Federal Government has established a high-level committee to standardize and streamline fee payment processes across Nigeria’s tertiary institutions.

This initiative aims to enhance financial operations between Nigerian universities and the Nigerian Education Loan Fund.

The Minister of Education, Dr Tunji Alausa, made the announcement in Abuja on Wednesday after a closed-door meeting with Vice-Chancellors of universities and NELFUND management.

Addressing the media after the meeting, Alausa emphasised that while universities have been receiving funds on time, there is a critical need to improve the timelines and processes involved in the disbursement and notification systems.

He explained that there was no fraud in NELFUND as speculated by the Independent Corrupt Practices and Other Related Offences Commission.

“The current processes are working, but we are working to better the world we have now.

“The aim is to serve both NELFUND and our citizens more efficiently, and align with the broader agenda of the current administration.”

He added that a major decision made during the meeting was the formation of a committee with representatives from NELFUND, the Ministry of Education, the National Universities Commission, and key university officials.

He said the committee would be tasked with standardisation of fee nomenclature.

According to him, to ensure transparency, all universities will adopt uniform terminology for student fees and charges, though the amounts may vary by institution.

“The committee will come up with the timeline on when NELFUND will pay the fees and the timeline the university will notify students to determine and publish standard timelines for,” he said.

When asked why there are discrepancies in the student’s fees and to what NELFUND pays, Alausa explained that the difference was in the service charge, which varies from institution.

“The committee will come up with a clear nomenclature on the charges, and all the problems of differences in school fees payment and the actual payment by NELFUND will be eliminated.

“Universities will disclose service charges upfront to avoid confusion over discrepancies in refunded amounts,” he said.

The minister pledged the commitment of the federal government to a holistic and student-centred approach in managing educational funding.