The Presidency has expressed strong condemnation over alleged unauthorised deductions from the Nigerian Education Loan Fund (NELFUND) disbursements to students by several tertiary institutions across the country.
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Reacting to the growing concerns, the Senior Special Assistant to the President on Student Engagement, Hon. Sunday Asefon, in a statement issued Wednesday in Abuja, announced that the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have been tasked with investigating the reports.
According to Asefon, preliminary findings—prompted by an investigative report from The Guardian Newspaper—reveal that at least 51 institutions are implicated in the scandal, with deductions ranging from ₦20,000 to ₦40,000 allegedly siphoned from students’ loan disbursements.
“These institutions have been found to deduct between ₦20,000 and ₦40,000 from students’ loan disbursements—an action that is not only fraudulent but also directly undermines the integrity and purpose of the student loan scheme,” Asefon stated.
He described the act as a betrayal of the intent behind the NELFUND initiative, which was introduced by President Bola Ahmed Tinubu’s administration to ease the financial burden of education for Nigerian students and their families.
The presidential aide noted that some institutions have also failed to publicly announce the disbursement of loans to eligible students, further compounding the opacity and abuse of the programme.
In response, the Presidency announced a multi-layered plan to tackle the issue, including:
- Establishment of a Monitoring Committee comprising representatives from the Federal Ministry of Education, NELFUND, recognised student bodies, and the Presidency;
- Collaboration with the EFCC and ICPC to identify and prosecute institutions and individuals involved;
- Imminent rollout of monitoring and sanction measures in collaboration with the Minister of State for Education, Dr Olatunji Alausa.
“The Presidency will not tolerate any attempt to undermine this vital student support programme,” the statement emphasized. “Those found culpable of fraudulent deductions will face the full weight of the law.”
Asefon assured the Nigerian public that President Tinubu’s administration remains committed to safeguarding the future of Nigerian youth and upholding the integrity of the NELFUND scheme.
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