The Presidency has vowed to clamp down on tertiary institutions involved in the alleged diversion of student loan funds, with at least 51 schools reportedly deducting unauthorized amounts ranging from N20,000 to N40,000 from beneficiaries’ accounts.
Comrade Asefon Sunday Dayo, Senior Special Assistant to the President on Student Engagement, revealed that his office is working closely with the Minister of Education to implement stringent monitoring measures, including the formation of a dedicated compliance committee and the deployment of anti-graft agencies to investigate and sanction erring institutions.
The move comes amid growing concerns over the integrity of the Nigerian Education Loan Fund (NELFUND) scheme, which was designed to ease access to higher education. According to Dayo, the unauthorized deductions by some schools have undermined the program’s objectives, prompting the government to take swift action.
He said the government will not tolerate any form of exploitation that deprives students of their rightful benefits, adding that the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC) would be brought in to do their job.
“These illegal deductions, coupled with the refusal by some institutions to publicly announce the disbursement of funds to eligible students, represent a grave threat to the credibility of the NELFUND programme,” he said.
He emphasised that these practices tarnish President Bola Tinubu’s administration, which launched the scheme to provide inclusive access to education and relief for Nigerian parents.
“The intent of the loan is to support students, not to become an avenue for exploitation by school authorities,” he added.
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