Minister of Education, Dr. Tunji Alausa, has firmly denied allegations of fraud in the Nigeria Education Loan Fund (NELFUND), stating that recent claims of financial discrepancies are unfounded.

Speaking on Wednesday after a high-level meeting with Vice Chancellors, officials of the National Universities Commission (NUC), NELFUND representatives, and officials from the Federal Ministry of Education, Alausa addressed the controversy sparked by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

“Let me start by saying that there is no fraud in NELFUND,” Alausa stated. “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.”

The response comes in light of a recent statement by the ICPC, which announced it had launched a comprehensive investigation into suspected discrepancies in the student loan disbursement process.

According to the commission, preliminary findings showed that of the N100 billion released by the Federal Government for the scheme, only N28.8 billion had been disbursed to students, leaving N71.2 billion unaccounted for.

The situation has prompted widespread concern, with the National Association of Nigerian Students (NANS) threatening to stage protests over the alleged shortfall in disbursements.

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