Reacting to an alleged misappropriation of funds intended for the student loan programme, the Federal Government has called in the managing director of the Nigeria Education Loan Fund (NELFund) and the vice chancellors of a few colleges.
The action was taken in prompt response to claims that educational institutions had unlawfully deducted money from student loans under the NELFund.
A thorough inquiry into the alleged disparities was initiated by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) after a recent report stated that around 51 institutions had unlawfully deducted money from student loans under the NELFund.
The Federal Ministry of Education expressed concern about the claims and stated that it “is convening an urgent meeting with the Managing Director of NELFund and the Vice Chancellors of the affected universities on May 6, 2025.”
“The meeting will aim to thoroughly investigate the matter, ensure full accountability, and reaffirm the Ministry’s zero-tolerance policy toward financial malpractice in the education sector,” the ministry said in a statement by its Director, Press and Public Relations, Boriowo Folasade.
She quoted the Minister of Education, Olatunji Alausa, as having described the claims as “very disturbing” and a potential violation of public trust.
The minister said If proven true, such actions would constitute a gross violation of public trust and a betrayal of the government’s commitment to equitable access to education.
The Ministry said it will develop a compliance-tracking project, including a countdown portal to monitor institution transparency, in collaboration with the Athena Centre to further promote transparency in the student loan scheme process.
Additionally, it intends to offer universities technical support and launch an Annual University Transparency Index. University bursars and ICT heads will also participate in a training session to assist in the development and upkeep of an open-portal project.
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