The Minister of Education, Dr. Tunji Alausa, has responded to the ongoing controversy surrounding the Nigeria Education Loan Fund (NELFUND), dismissing claims of fraud.
Speaking after a meeting with Vice Chancellors, officials from the National Universities Commission, and other key stakeholders, Alausa clarified that no fraud had been uncovered in the scheme, attributing the issues to timeline discrepancies rather than fraudulent activities.
The Minister’s remarks come in the wake of the Independent Corrupt Practices and Other Related Offences Commission’s (ICPC) investigation into the disbursement process.
“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,” he stated.
Naijaonpoint recalls that the ICPC launched a detailed investigation into the alleged inconsistencies surrounding the disbursement of student loans under NELFUND.
The commission’s preliminary findings had revealed that while the Federal Government allocated ₦100 billion for the scheme, only ₦28.8 billion was distributed to students, leaving a significant ₦71.2 billion unaccounted for.
In response to the discrepancies, the National Association of Nigerian Students (NANS) announced plans for a protest.
Meanwhile, the National Orientation Agency raised concerns about certain institutions allegedly colluding with banks to delay payments to eligible students, aiming to profit from the situation.
Further media reports suggested that some schools had made unauthorized deductions from the loans, ranging from ₦3,500 to ₦30,000, taken from students’ fees.
Following these allegations, ICPC spokesperson Demola Bakare confirmed that a Special Task Force had been set up to investigate the matter thoroughly.