LAGOS, Nigeria — Federal Government don summon Vice Chancellors of some Nigerian universities to discuss allegations say dem dey do unauthorized deductions from student loan accounts wey dem disbursed under the Nigerian Education Loan Fund (NELFund). The meeting don set for May 6, 2025, as dem wan address di serious issue wey don raise plenty concerns.
Di statement wey Ministry of Education release on Thursday emphasize di gravity of di matter, as dem report from The Guardian Newspaper on April 29, 2025, show say some universities dey divert part of di loan funds wey suppose go directly to students. Minister of Education, Dr. Marut Olatunji Alausa, talk say di allegations na “very disturbing and extremely concerning,” stressing say if dem confirm dis financial misconduct, e go represent serious breach of trust.
Dr. Alausa add say, “Any unauthorized deductions from student loans na breach of financial ethics wey dey undermine di foundation wey NELFund build on. If dis claim true, e reach level wey fit violate public trust and betray di government commitment to make education available for everybody.”
Di minister promise say di ministry go take swift action to ensure good governance as part of di National Education Sector Reform Initiative (NESRI). He affirm, “We dey committed to strengthen transparency, promote responsible financial conduct, and make sure say every kobo wey allocated for student welfare dey used well. Dis matter no go just dey swept under di carpet; anybody wey dey involved go face di appropriate sanctions,” Dr. Alausa reiterate.
Furthermore, di Minister explain sey NELFund na to expand students’ access to high-quality education and support universities financially. “Any attempt to exploit dis fund dey unacceptable and e dey contradict di President’s vision for inclusive human capital development,” he conclude.
To enhance accountability, di ministry don announce new measures wey include compliance-tracking initiative, a public countdown webpage, and an Annual University Transparency Index in conjunction with Athena Centre. Training programs go dey organized for bursars and ICT heads of universities and polytechnics to ensure proper management and transparency through a planned open-portal initiative.
Meanwhile, di Independent Corrupt Practices and Other Related Offences Commission (ICPC) report earlier say only ₦28.8 billion out of ₦100 billion wey dem release to institutions under di student loan scheme don reach di students. Dem allege say nearly ₦71.2 billion fit don misappropriated. Officials from di Central Bank of Nigeria along with top executives of NELFund, including di CEO and Executive Director, don also receive invitation to provide any documentation and clarifications for di ongoing investigation.
