The National Association of Ogun State Students (NAOSS) has requested an investigation into alleged discrepancies in the disbursement of student loans from the Nigerian Education Loan Fund (NELFUND) at D.S. Adegbenro ICT Polytechnic in Ogun State.

The Nigerian Education Loan Fund (NELFUND) has dismissed as fake news a circulating image claiming that President Bola Tinubu announced life imprisonment for graduates who fail to repay their student loans. In a post on its official X account, NELFUND said the image, which appeared to show the front page of a newspaper report, was doctored, and urged the public to disregard the claim. The agency did not announce any such penalty for loan defaulters.

The Nigerian Education Loan Fund (NELFUND) has condemned unethical practices by some tertiary institutions, including withholding tuition refunds and arbitrarily increasing school charges, despite receiving support from the federal government. This announcement was made in a public notice by the Director of Strategic Communications, Oseyemi Oluwatuyi.

Despite rising oil wealth in Nigeria, many poor students continue to face financial hardship, prompting renewed scrutiny of the Nigerian Education Loan Fund (NELFUND) and its effectiveness in supporting access to education. According to Legit.ng, the contrast between the country's growing petroleum revenues and the ongoing struggles of disadvantaged students raises fresh questions about whether the fund is fulfilling its intended role in expanding educational opportunities for those most in need.

Dr. Tunji Alausa, the Minister of Education, has supported the University of Benin's (UNIBEN) N100 billion Trust Development Fund, calling it a sustainable financing model that aligns with the federal government's education reform agenda. He encouraged other universities to implement similar funding initiatives during the fund's inauguration in Benin.

According to CampusBee, over 58% of beneficiaries of the Higher Education Students’ Financing Board (HESFB) government loan scheme for university education are currently defaulting on their loans. The situation has become more serious, as there are discussions about potentially publishing the names of those who have defaulted.