The Nigeria Education Loan Fund (NELFUND) has reaffirmed its commitment to transparency and accountability, following a wave of allegations and conflicting media reports surrounding the student loan disbursement process.
The controversy erupted after reports alleged that 51 Nigerian tertiary institutions made unauthorised deductions from student loan disbursements, with missing funds amounting to N71.2 billion out of the N100 billion reportedly released by the Federal Government.
In response, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) clarified that its earlier statement had been misinterpreted due to a typographical omission, and that no discrepancies have yet been established in the loan scheme.
The ICPC confirmed that its Special Task Force is continuing its investigation and has already issued invitations and letters to stakeholders including the Budget Office, Accountant General of the Federation, Central Bank of Nigeria, and senior officials of NELFUND.
Meanwhile, the Federal Ministry of Education has scheduled an emergency meeting on May 6, 2025, involving vice-chancellors of the affected universities and NELFUND’s Managing Director.
In an official statement, Minister of State for Education, Dr. Olatunji Alausa, described the allegations as “disturbing and “a gross violation of public trust,” warning that any institution found culpable would face strict sanctions.
NELFUND, through its Director of Strategic Communications, Oseyemi Oluwatuyi, condemned what it called “entirely false and dangerously speculative reports” about the scheme, clarifying that the figures being circulated are linked to unrelated legacy programmes.
Human rights activist Deji Adeyanju called for the arrest and prosecution of government officials involved in any misuse of the funds, urging ICPC to “leave no stone unturned” in its investigation.
“The alleged mismanagement of such a critical fund is not only unacceptable but a gross betrayal of public trust,” Adeyanju said in Abuja.
As tensions rise, all eyes are on the May 6 meeting to deliver clarity and restore confidence in the student loan initiative, which millions of Nigerian students rely on for access to higher education.
