No funds mismanaged under students’ loan – NELFUND

No funds mismanaged under students’ loan – NELFUND

The Nigerian Education Loan Fund (NELFUND) says no funds have been mismanaged, stolen, or are unaccounted for under the current student loan scheme.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) had earlier on Thursday alleged that out of N100 billion the government released for the student loan, only N28.8 billion was disbursed while N71.2bn was diverted. The commission added that it had invited NELFUND and some managements of universities for investigation.

But NELFUND, in a statement on Thursday by the Director, Strategic Communications, Oseyemi Oluwatuyi, said it was alarmed by the surge of “inaccurate, misleading, and dangerously speculative reports circulating in the public space” regarding the administration of the student loan scheme.

The statement read, “These reports, which suggest misappropriation and mismanagement of funds, are entirely false, grossly irresponsible, and deeply damaging to the integrity of an institution established to deliver financial hope to millions of Nigerians.

“This is a coordinated distortion of facts that undermines public trust, weaponizes misinformation, and threatens the credibility of a national intervention still in its infancy.

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“We wish to state the following, unequivocally: No funds have been mismanaged, stolen, or are unaccounted for under the current NELFUND student loan scheme.

“The scheme officially launched its student loan application portal in 2024. As of today, all institutional fees are paid directly to verified institutions, while upkeep allowances are disbursed to the verified bank accounts of eligible student applicants.

“The figures and funding amounts currently being misrepresented in the public are drawn from entirely different education financing interventions predating NELFUND’s operational commencement. They bear no relevance to the current student loan scheme and should not be falsely attributed to this institution.

“NELFUND operates a zero human interface, fully automated loan system that eliminates opportunities for financial misconduct. Every application and disbursement is digitally tracked, time stamped, and verifiable.

“Our commitment to transparency and cooperation with oversight agencies, including the ICPC, is total and unwavering. We have complied fully with every request for information and will continue to uphold the highest standards of public accountability.

“The circulation of unverified, context-free, and inflammatory claims at this critical stage of implementation is not only reckless, it is a deliberate sabotage of a nationally significant, people centered programme designed to expand access to tertiary education and economic mobility.”

The Fund however, called on the media, stakeholders, and the public to resist the sensationalism and await verified updates directly from NELFUND, noting that it remained focused and committed to the transparent delivery of its national mandate.

“The future of Nigeria’s youth is too important to be hijacked by misinformation,” it added.

No funds mismanaged under students’ loan – NELFUND