The Minister of Education, Dr. Tunji Alausa, on Wednesday firmly dismissed claims of fraud in the student loan scheme managed by the Nigeria Education Loan Fund (NELFUND), stating that the allegations were unfounded and misleading.
Speaking after a high-level meeting with Vice Chancellors, officials of the National Universities Commission (NUC), representatives of NELFUND, and the Federal Ministry of Education, Dr. Alausa described the Independent Corrupt Practices and Other Related Offences Commission (ICPC)’s earlier statement on the matter as inaccurate.
“Let me start by saying that there is no fraud in NELFUND. ICPC reported that the information was not correct. There is no fraud in NELFUND; what we have are issues that have to do with the timeline,” Alausa said.
His comments come amid ongoing concerns raised by the ICPC, which recently launched a detailed probe into alleged financial discrepancies surrounding the disbursement of student loans. According to the anti-graft agency, the Federal Government released N100 billion for the scheme, but only N28.8 billion had reportedly reached students, leaving N71.2 billion unaccounted for.
The National Association of Nigerian Students (NANS) reacted strongly, threatening to stage protests over what it described as a troubling shortfall in the disbursement process.
The National Orientation Agency also alleged that some tertiary institutions, in collusion with banks, were deliberately delaying payments to eligible students in order to profit from the delay. This was compounded by media reports accusing certain institutions of making unauthorised deductions from student funds, with amounts ranging from N3,500 to N30,000.
In response to these claims, the ICPC said its Special Task Force began investigating as soon as the allegations were made public. The commission is continuing its probe to determine the full extent of any possible misconduct.
What you should know
Education Minister Dr. Tunji Alausa has denied any fraud in the student loan program, attributing concerns to timing issues rather than financial misconduct.
However, the ICPC is still investigating alleged discrepancies, and students’ unions remain on alert as they demand greater transparency.
ALSO READ TOP STORIES FROM VERILY NEWS
