STUDENT LOAN SCANDAL: FG CALLS VCs, NELFUND FOR EMERGENCY MEETING

In a significant efforts on the claim of over 72.1BN Discrepancy in Student Loan Disbursed raised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Federal Government of Nigeria has called for an emergency meeting involving the Vice Chancellors (VCs) of the affected universities and the Managing Director of the Nigerian Education Loan Fund (NELFUND).

According to a press statement by the Director, Press and Public Relations of the Federal Ministry of Education, the Minister of Education, Dr. Maruf Olatunji Alausa has shown deep concern on the alleged media reports on the situation and regarded it as extremely concerning. 

The statement reads; “In response, the Ministry is convening an urgent meeting on May 6, 2025, with the Vice Chancellors of the affected universities and the Managing Director of NELFUND. The meeting will aim to thoroughly investigate the matter, ensure full accountability, and reaffirm the Ministry’s zero-tolerance policy toward financial malpractice in the education sector.

“To reinforce this effort, the Ministry, in collaboration with the Athena Centre, will launch a compliance-tracking initiative and a countdown webpage to monitor institutional transparency. They will also offer technical assistance and introduce an Annual University Transparency Index to promote accountability and enhance the global relevance of Nigerian universities,” 

“As part of our National Education Sector Reform Initiative (NESRI), governance remains the top pillar of our agenda,” 

“We are committed to strengthening transparency, promoting responsible financial conduct, and ensuring that every kobo allocated for student welfare is used appropriately. Let me assure Nigerians that this matter will not be swept under the carpet. Anyone found culpable will face appropriate sanctions.”

“NELFUND was created to expand students’ access to high-quality education and to support universities financially in a legal and sustainable way. Any attempt to exploit this fund is unacceptable and contradicts the President’s vision for inclusive human capital development.”