The Minister of Education, Dr. Tunji Alausa, will meet today (Tuesday) with Vice-Chancellors and heads of tertiary institutions implicated in the alleged mismanagement of Nigeria’s student loan scheme, amid rising public outrage and student protests.
The high-level meeting, scheduled in Abuja, will focus on training bursars and ICT heads to ensure the proper administration of the student loan programme. The ministry also plans to launch a compliance tracking webpage aimed at promoting transparency in fund disbursement.
This comes just a day after members of the National Association of Nigerian Students (NANS) blocked the Lagos-Ibadan Expressway, protesting irregularities in the loan scheme. The students accused universities and banks of collaborating to siphon funds, leaving many eligible students without access to approved loans.
“We are demanding proper accountability. Many students have been approved but not paid, and some are being denied the chance to write exams,” said Gabriel Abiola, Chairman of the NANS Ogun Joint Campus Committee.
The protest, which caused temporary traffic disruption, was called off after Ogun State Commissioner of Police, Lanre Ogunlowo, intervened and engaged the students in dialogue. Police confirmed that the demonstration was peaceful, and no violence occurred.
Investigations into the matter have intensified. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a full-scale probe. Preliminary findings suggest that while NELFUND disbursed N100 billion, only N28.8 billion reached actual student beneficiaries — leaving over N71 billion unaccounted for.
There are also claims that some funds were sent to students who had already graduated, sparking further outrage.
However, NELFUND’s Managing Director, Akintunde Sawyerr, denied that funds were missing, explaining that payment timing and administrative processes were being misinterpreted. “People applied in their final year, and we are following due process. Delays don’t mean mismanagement,” he said.
At a stakeholders’ workshop held in Abuja, Sawyerr stressed the importance of building a transparent and digital financial aid system. Also speaking, House Committee Chairman on Students Loan, Ifeoluwa Ehindero, called for collaboration between institutions and lawmakers to ensure the scheme’s success.
Over 576,000 students have registered for the loan, with applications exceeding N170 billion. Officials say more awareness is needed in the South-East and South-South regions to boost participation.
Despite official denials, NELFUND’s Director of Strategic Communications, Oseyemi Oluwatuyi, described media reports on alleged mismanagement as “inaccurate and dangerously speculative,” urging the public to await verified updates.
As stakeholders gather today, public trust in the Federal Government’s landmark student loan initiative hangs in the balance, with students vowing to continue protests if their demands for transparency are not met.
