As public dissatisfaction grows over the alleged mismanagement of Nigeria’s student loan programme, the federal government has initiated steps to restore order and confidence.
Education Minister Dr. Tunji Alausa is scheduled to meet with vice-chancellors and institutional heads linked to the controversy today (Tuesday).
According to the Punch, the session aims to enhance operational efficiency through the training of bursars and ICT personnel, and the launch of a digital compliance platform to track disbursements and promote transparency.
Concerns over the scheme intensified after the National Orientation Agency accused some schools and banks of colluding to unlawfully withhold portions of students’ loans.
Investigations by the ICPC suggest that only N28.8 billion of the N100 billion released by NELFUND has reached students, prompting suspicion and backlash.
The unrest culminated in a student-led demonstration on the Lagos-Ibadan Expressway on Monday. Led by NANS Ogun leader Gabriel Abiola, protesters criticized the lack of accountability and called for urgent intervention.
Abiola noted that while many students had been approved for loans, they had yet to receive funds and were being barred from exams.
He urged President Tinubu to support anti-corruption agencies in exposing the institutions involved and warned of sustained protests if nothing is done.
The protest ended peacefully after Commissioner of Police Lanre Ogunlowo engaged the students and assured them of the government’s attention to their demands.
According to police spokesperson Omolola Odutola, the demonstrators also expressed concern over rising tuition and inadequate school infrastructure.
Meanwhile, the ICPC has commenced a comprehensive probe into the scheme. Reports suggest some institutions may have funneled funds to students who had already completed their studies.
Defending the scheme, NELFUND Managing Director Akintunde Sawyerr clarified that final-year students were eligible at the time of application and any delays were procedural.
He described the ongoing reforms as crucial steps toward building a reliable, transparent system for educational financing.
House of Representatives Committee Chairman Ifeoluwa Ehindero also echoed the need for institutional reform, emphasizing that effective collaboration between stakeholders is necessary to ensure the programme succeeds.
According to NELFUND’s operational director, Iyal Mustapha, more than half a million students have registered, with total applications valued at N170.4 billion. He urged southern institutions to increase awareness to encourage more applications.
Despite the turmoil, NELFUND’s spokesperson Oseyemi Oluwatuyi has strongly dismissed media reports suggesting massive fund mismanagement, calling them misleading and damaging to the agency’s credibility.
