The federal government has announced the formation of a high-level committee to streamline and standardise fee payment procedures throughout the country’s higher institutions.
This is an attempt to enhance the financial exchanges between the Nigerian Education Loan Fund and Nigerian colleges.
Following a private meeting with university vice chancellors and NELFUND administration, Dr. Tunji Alausa, the minister of education, made the announcement in Abuja on Wednesday.
After the meeting, Alausa spoke to the media and underlined that although institutions have been getting funding on schedule, the deadlines and procedures associated with the notification and distribution systems urgently need to be improved.
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.
