The Nigerian Education Loan Fund (NELFUND) has raised concern over what it described as a recent surge in false, misleading, and dangerously speculative reports being circulated about its management of the student loan scheme.
“These reports, which suggest misappropriation and mismanagement of funds, are entirely false, grossly irresponsible, and deeply damaging to the integrity of an institution established to deliver financial hope to millions of Nigerians, “the students loan agency said in a statement on Thursday.
The statement, signed by Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, firmly distanced the agency from any corrupt practices, saying, “This is a coordinated distortion of facts that undermines public trust, weaponizes misinformation, and threatens the credibility of a national intervention still in its infancy.”
The agency emphasized that under the current NELFUND scheme, no funds have been misappropriated, stolen, or remain unaccounted for.
Pointing out that the loan portal was only launched in 2024, the agency clarified that, “As of today, all institutional fees are paid directly to verified institutions, while upkeep allowances are disbursed to the verified bank accounts of eligible student applicants.”
According to the agency,”The figures and funding amounts currently being misrepresented in the public are drawn from entirely different education financing interventions predating NELFUND’s operational commencement.”
“They bear no relevance to the current student loan scheme and should not be falsely attributed to this institution,” it added.
“NELFUND operates a zero human interface, fully automated loan system that eliminates opportunities for financial misconduct. Every application and disbursement is digitally tracked, time stamped, and verifiable,” it stated.
The agency said its “commitment to transparency and cooperation with oversight agencies, including the ICPC, is total and unwavering.”
“We have complied fully with every request for information and will continue to uphold the highest standards of public accountability.
“The circulation of unverified, context-free, and inflammatory claims at this critical stage of implementation is not only reckless, it is a deliberate sabotage of a nationally significant, people centered programme designed to expand access to tertiary education and economic mobility.
“We call on the media, stakeholders, and the public to resist the pull of sensationalism and await verified updates directly from NELFUND.
“We remain focused, undeterred, and committed to the transparent delivery of this national mandate. The future of Nigeria’s youth is too important to be hijacked by misinformation”,the agency added.
What you should know
NELFUND has firmly denied allegations of financial misconduct, stressing its automated system ensures transparency and that all public claims linking it to missing funds are based on outdated, unrelated programs.
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