No fraud detected in student loan scheme, says Education Minister
Dr. Tunji Alausa, the Minister of Education, on Wednesday, disclosed that findings from a recent investigation show no signs of fraud within the Nigeria Education Loan Fund (NELFUND).
The minister’s remarks came after a meeting held with Vice Chancellors, National Universities Commission officials, the Nigerian Education Loan Fund, and representatives from the Federal Ministry of Education.
He said, “Let me start by saying that there is no fraud in NELFUND. ICPC reported that the information was not correct. There is no fraud in NELFUND; what we have are issues that have to do with the timeline.”
This declaration follows a recent probe initiated by the Independent and Corrupt Practices Commission (ICPC) into alleged irregularities surrounding the disbursement of student loans. Preliminary reports indicated that, despite the Federal Government releasing N100 billion for the loan fund, only N28.8 billion was actually disbursed to students, leaving a significant N71.2 billion unaccounted for.
In light of the findings, the National Association of Nigerian Students has pledged to stage protests over the alleged discrepancies. Furthermore, the National Orientation Agency has claimed that some universities collaborated with banks to delay loan payments to students, allegedly profiting from the situation.
Recent investigative reports have also suggested that certain institutions made unauthorized deductions from fees received from the loan fund, charging students between N3,500 and N30,000. In response to these allegations, ICPC spokesperson Demola Bakare announced that a Special Task Force was set up to investigate the claims thoroughly.
Source: PUNCH
