By Charles Maduka
The Minister of Education, Dr. Tunji Alausa, has dismissed allegations of fraud in the Nigerian Education Loan Fund (NELFUND), stating that no financial misconduct has been uncovered.
Speaking on Wednesday after a meeting with Vice Chancellors, officials of the National Universities Commission, NELFUND representatives, and staff of the Federal Ministry of Education, Alausa clarified that recent claims by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) were inaccurate.
“There is no fraud in NELFUND. ICPC has clarified that their earlier report was not accurate. The issue is not fraud, but rather concerns with the timing of disbursements,” the minister said.
This follows an earlier statement by the ICPC, which had announced an investigation into discrepancies in the disbursement of student loans. The commission claimed that although the Federal Government released N100 billion for the scheme, only N28.8 billion had reached beneficiaries, leaving a reported N71.2 billion unaccounted for.
The situation sparked concern among students and stakeholders. The National Association of Nigerian Students threatened mass protests over the perceived irregularities, while the National Orientation Agency alleged that some institutions, in collaboration with banks, had delayed disbursements to exploit the funds for personal gain.
Media reports also indicated that unauthorised deductions ranging from N3,500 to N30,000 had been made by certain schools from students’ accounts after loan disbursements.
In response, the ICPC launched a special investigation into the matter, aiming to clarify the financial handling of the student loan scheme. Despite the controversy, Alausa insists the integrity of NELFUND remains intact, assuring the public of the government’s commitment to transparency in education financing.
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