The Presidency has strongly denounced alleged unauthorised deductions made by certain tertiary institutions from student loan disbursements under the Nigerian Education Loan Fund (NELFUND), announcing that Nigeria’s anti-corruption agencies will take up the matter.
In a statement released in Abuja on Wednesday, the Senior Special Assistant to the President on Student Engagement, Hon. Sunday Asefon, confirmed that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have been directed to investigate the allegations thoroughly.
According to Asefon, the agencies will “pursue the matter, identify culpable institutions and officials, and ensure that appropriate sanctions are applied to deter further abuse.”
He explained that the presidency is acting in concert with the Minister of State for Education, Dr. Olatunji Alausa, and that a framework for monitoring and enforcing compliance will be introduced in the coming days.
“The attention of my office has been drawn to alarming reports of unauthorized deductions from the Nigerian Education Loan Fund (NELFUND) student loans by management authorities of various tertiary institutions across the country,” the statement read.
Citing findings from The Guardian, Asefon said, “A recent investigative report by The Guardian Newspaper has exposed that no fewer than 51 institutions are currently implicated in this scandal.”
“These institutions have been found to deduct between N20,000 and N40,000 from students’ loan disbursements, an action that is not only fraudulent, but also directly undermines the integrity and purpose of the student loan scheme,” he added.
He emphasized that these deductions, along with the failure of some institutions to publicly announce the release of funds to qualified students, “represent a grave threat to the credibility of the NELFUND programme.”
“More critically, they cast a shadow on the goodwill and commitment of President Bola Ahmed Tinubu, GCFR, whose administration established the scheme to ensure inclusive access to education and relief for Nigerian parents.”
Asefon stressed that, “The intent of the loan is to support students, not to become an avenue for exploitation by school authorities.”
He outlined forthcoming enforcement actions: “In light of these developments, my office in collaboration with Honorable Minister of Education shall reel out a monitoring and sanctions in coming days not limited but including establishment of a Monitoring Committee to oversee compliance by all tertiary institutions.”
“This committee may include: representatives from the Federal Ministry of Education; Officials from NELFUND; recognized student bodies; and representatives from my office,” he noted.
He further affirmed: “Commissioning of Anti-Graft Agencies such as the EFCC and ICPC, in collaboration with the Ministry of Education, to investigate all reported cases of unauthorized deductions, identify culpable institutions and officials. Ensure appropriate sanctions are applied to deter further abuse.”
“This press statement serves as a clear warning: no institution or individual will be allowed to frustrate a federal initiative designed to uplift the future of Nigerian youth,” Asefon declared.
He concluded with a firm assurance of the Presidency’s stance: “The Presidency, through my office, remains committed to ensuring that students receive the full benefit of the NELFUND scheme and that those found culpable of fraudulent deductions face the full weight of the law.”
