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Dr. Tunji Alausa, Nigeria’s Minister of Education, has denied any fraudulent activity in the Nigeria Education Loan Fund (NELFUND), stressing that recent allegations were based on misinformation.
Speaking after a closed-door session with key education stakeholders, including vice chancellors, NUC representatives, and NELFUND officials, Alausa clarified that the issues raised stemmed from timing challenges and not corruption.
“There’s no scam or misuse in the loan fund,” Alausa reiterated.
“The Independent Corrupt Practices Commission (ICPC) has acknowledged that their earlier report was inaccurate.”
The ICPC had earlier reported that it was investigating suspected irregularities in the disbursement of student loans.
According to its findings, out of N100 billion allocated by the Federal Government, just N28.8 billion had been disbursed, raising concerns over the fate of the remaining N71.2 billion.
The National Association of Nigerian Students (NANS) responded with alarm, promising to mobilise protests to demand accountability.
Further complicating the matter, the National Orientation Agency accused some higher institutions of working with banks to delay student loan payments, allegedly for personal profit.
Reports also emerged that several universities made unauthorised deductions from student loans, with amounts ranging from N3,500 to N30,000.
Following the uproar, ICPC’s spokesperson, Demola Bakare, confirmed that the commission’s Special Task Force had launched an in-depth investigation to get to the root of the allegations.