LAGOS, Nigeria – The situation don dey tense as Minister of Education, Dr. Tunji Alausa, go meet with Vice-Chancellors and heads of tertiary institutions today to discuss alleged mismanagement of Federal Government student loan scheme. The meeting, which carry many serious issues, go focus on training bursars and ICT heads to enhance the smooth running of the loan program. Also, dem go launch compliance tracking webpage to improve transparency and accountability in how dem dey disburse funds.
The student loan scheme don face heavy scrutiny after National Orientation Agency expose say some schools, with banks support, dey engage in fraudulent deductions from loan disbursements. Last week, Independent Corrupt Practices and Other Related Offences Commission (ICPC) reveal say while NELFUND release N100 billion for loans, only N29 billion reach the actual students.
The news spark outrage, leading to a protest on Monday by National Association of Nigerian Students (NANS), who block Lagos-Ibadan Expressway. Gabriel Abiola, Ogun Joint Campus Committee Chairman, talk say, “We dey demand proper accountability for di student loan program. Students wey apply for di loan no dey see di money, and some no dey fit write exams.”
He further call for ICPC and EFCC action, demanding say dem release di names of di 51 institutions implicated in di scam. “We go continue to protest if dem no act,” he warn.
Di protest disrupt traffic until Ogun State Commissioner of Police, Lanre Ogunlowo, engage di demonstrators to restore calm. Omolola Odutola, di command spokesperson, confirm say no violence occur during di protest and students eventually meet with di Commissioner for dialogue.
Meanwhile, ICPC don begin full investigation into di allegations. According to dem spokesperson, Demola Bakare, preliminary findings show that while NELFUND disburse N100 billion, only N28.8 billion actually reach students, raising eyebrows on funds without accountability.
Di Managing Director of NELFUND, Akintunde Sawyerr, deny di claims, insisting say di processes dey followed. He draw attention to issues of delays and profit ratios being adhered to by students wey don already graduate before receiving loans.
“If student don pay dem fees while dem dey in final year, e no mean say di student no go go school. People wey apply for dem loans have to prove say dem need am, na wetin we dey ensure,” him explain at a stakeholder workshop on Monday.
Ifeoluwa Ehindero, di House Committee Chairman for Student Loans, emphasize say modernization of loan disbursement go ensure timely delivery for students. “Dis workshop no be just training but collaboration opportunity,” him talk.
As di country navigate di complex issue of dem student loans, stakeholders like NELFUND Executive Director, Mr. Iyal Mustapha, confirm say over 576,058 students don register for di loans, with applications totaling N170.4 billion. Him encourage institutions in South-East and South-South to promote awareness for eligible students to apply.
Distinguishing di sentiment, di National Universities Commission representative, Faruk Mohammed Lawal, stress say student loan scheme na one of di best policy of di Federal Government. “We desire to onboard all students,” him say.
Meanwhile, NELFUND Director of Strategic Communications, Oseyemi Oluwatuyi, don rebut di idea of mismanagement in di reports, calling dem “inaccurate and misleading.”
As di investigation and meetings dey continue, di Education Ministry dey hope to restore Nigerians’ trust in di student loan scheme through comprehensive engagement and dialogue.
