Investigations into purported withdrawals and diversion of monies from student loans under the Nigeria Education Loan Fund (NELFUND) have been pledged by the Federal Ministry of Education.
According to a statement sent by the ministry’s Director of Press and Public Relations on Thursday, the Managing Director of NELFund and the vice chancellors of the impacted universities will meet urgently on May 6, 2025, to discuss the accusation.
“Very disturbing and extremely concerning” is how the Minister of Education, Dr. Marut Olatunji Alausa, described the accusations, it continued.
The Ministry promised to impose suitable penalties on anyone found guilty.
“The Federal Ministry of Education has received with great concern a report published by The Guardian Newspaper on Tuesday, April 29, 2025, alleging that certain Nigerian universities have withheld funds disbursed under the Nigerian Education Loan Fund (NELFund) scheme without authorization,” the statement reads.
According to the Honourable Minister of Education, Dr. Marut Olatunji Alausa, the accusations are “very disturbing and extremely concerning.” He emphasized that any unauthorized deductions from student loans not only violate financial ethics but also jeopardize the foundation upon which the NELFund was founded.
“If confirmed, such acts would be a flagrant betrayal of the government’s commitment to equal access to education and a serious breach of public trust,” he said.
Our National Education Sector Reform Initiative (NESRI) continues to place governance at the forefront of our agenda.
“Our goals are to increase openness, encourage prudent money management, and make sure that every kobo allotted for student welfare is used wisely. I want to reassure the people of Nigeria that this issue will not be ignored. Anyone found guilty will be punished accordingly.
According to reports, the statement further underlined President Bola Tinubu’s commitment to maintaining the fund’s integrity and guaranteeing that all Nigerians have access to high-quality education.
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“Dr. Alausa also underlined that President Bola Ahmed Tinubu, who made the NELFund a flagship initiative, made sufficient budgetary provisions to support both students and institutions in a fair and transparent manner.” “NELFund was created to expand students’ access to high quality education and to support universities financially in a legal and sustainable way.” It is inappropriate and goes against the president’s goal of inclusive human capital development to attempt to misuse this fund.
In order to safeguard public finances and guarantee that students benefit fully from all government education support programs, the Honorable Minister reiterated the administration’s commitment.
