The Minister of Education, Dr. Tunji Alausa, has dismissed reports of fraud in the Nigeria Education Loan Fund (NELFUND), saying there is no evidence to support such claims.
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 said the Independent Corrupt Practices and Other Related Offences Commission (ICPC) had reported incorrect information and that the real issues relate to timing delays rather than financial misconduct.
Recently, the ICPC announced that it had begun an investigation into alleged discrepancies in the disbursement of student loans, stating that although the Federal Government had released N100 billion for the scheme, only N28.8 billion was distributed, leaving N71.2 billion unaccounted for.
The development sparked concern, with the National Association of Nigerian Students threatening to protest the situation, and the National Orientation Agency alleging that some institutions, in collusion with certain banks, delayed student payments for profit.
Media reports also alleged that unauthorised deductions ranging from N3,500 to N30,000 were made from students’ fees that were funded by the loan scheme. In response, the ICPC said its Special Task Force had commenced investigations to examine the claims.
However, Dr. Alausa insisted there had been no fraud, clarifying that the delays in disbursement were due to logistical issues related to timelines.
He assured that steps were being taken to address the matter and ensure transparency and efficiency in the operation of the loan scheme.
