By Oyinkansayo Wole-Bodunde.
Nigeria’s Minister of Education, Tunji Alausa, has called an emergency meeting with University VC’s and the head of the Nigerian Education Loan Fund (NELFUND) to address allegations of unauthorized deductions from student loan funds.
The meeting aims to investigate reports of potential fund mismanagement by some institutions.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) had previously uncovered evidence of billions of naira meant for student loans being diverted. Minister Alausa described these allegations as a “gross violation of public trust” that could undermine the education loan scheme’s purpose.
Alausa said, “These allegations are extremely concerning. If verified, they represent a betrayal of the government’s commitment to equitable education access and will be met with firm sanctions.”
To restore transparency and accountability, the ministry plans to implement several measures, including: A compliance-tracking system, A countdown webpage to monitor University fund management, An Annual University Transparency Index, A nationwide training program for University and Polytechnic staff on open-portal systems for real-time monitoring of student loan funds.
Alausa emphasized the importance of transparency and accountability, saying, “We are committed to strengthening transparency, promoting responsible financial conduct, and ensuring that every kobo allocated for student welfare is used appropriately.”
The allegations have raised concerns about the management and effectiveness of NELFUND, a key initiative aimed at providing access to higher education. Alausa assured that those found guilty of manipulating the system would face sanctions, saying, “Let me assure Nigerians that this matter will not be swept under the carpet. Anyone found culpable will face appropriate sanctions.”
