The Federal Government has summoned Vice Chancellors of certain universities and the Managing Director of the Nigeria Education Loan Fund (NELFund) to an urgent meeting on May 6, 2025, to address alleged misappropriation of funds intended for the student loan scheme.
This action follows a report claiming that approximately 51 schools had illicitly deducted funds from student loans provided by NELFund, which prompted the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to launch a thorough investigation into these alleged discrepancies.
The Federal Ministry of Education, in a statement by its Director of Press and Public Relations, Boriowo Folasade, expressed deep concern over these allegations.
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The Minister of Education, Olatunji Alausa, described the claims as “very disturbing” and a potential breach of public trust, emphasizing that if proven true, such actions would be a “gross violation of public trust and a betrayal of the government’s commitment to equitable access to education.”
To enhance transparency in the student loan process, the Ministry announced a partnership with the Athena Centre to introduce a compliance-tracking initiative, including a public countdown webpage to monitor university transparency.
Plans also include an Annual University Transparency Index and technical assistance for institutions.
Additionally, training will be provided to university Bursars and ICT Heads to support the creation and maintenance of an open-portal initiative.
The NELFUND program, launched on May 24, 2024, offers interest-free loans to students in Nigerian tertiary institutions.
As of April 2025, the fund had disbursed a total of N53.8 billion, with N30.1 billion allocated for institutional fees and approximately N23.6 billion for upkeep allowances.
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