Minister , ICPC open probe into student loan violations

Sawyerr, Nelfund boss

The Federal Ministry of Education has opened an investigation into alleged illegal deductions from the institutional fees paid by the Nigerian Educational Loan Fund (NELFUND) for beneficiaries of the Student Loan scheme.

Education Minister Dr. Tunji Alausa described the infractions in the loan disbursement as “very disturbing and extremely concerning.”

Also yesterday, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) announced that its men had launched a probe in the alleged infractions in the Student Loan management.

But the NELFUND has insisted that no funds have been mismanaged, stolen, or unaccounted for under the scheme.

President Bola Ahmed Tinubu introduced the Student Loan scheme to enable easy access to education by indigent students.So far, N53 billion has been disbursed by NELFUND to students.

Upon approval of application, NELFUND pays directly the fees of the student to the university account while the student gets N20,000 monthly for upkeep.

But National Orientation Agency (NOA) Director-General Lanre Isa-Onilu raised the alarm about certain untoward activities around the payment in some of the universities.

This was dismissed as a product of minor technical glitches.

According to a statement by the Ministry’s Press and Public Relations Director, Boriowo Folasade, the minister has summoned an urgent meeting for May 6 with the vice chancellors of the affected institution and NELFUND’s Managing Director, Akintunde Sawyerr.

The statement said that the meeting will “thoroughly investigate the matter, ensure full accountability, and reaffirm the Ministry’s zero-tolerance policy toward financial malpractice in the education sector.”