Illegal Deduction of NELFUND Student Loans and Refusal to Announce Disbursement: A Sanctional action underway-Asefon

By Comrade Amb Victor Monday Olajide 

The attention of my office has been drawn to alarming reports of unauthorized deductions from the Nigerian Education Loan Fund (NELFUND) student loans by management authorities of various tertiary institutions across the country.

A recent investigative report by The Guardian Newspaper has exposed that no fewer than 51 institutions are currently implicated in this scandal. These institutions have been found to deduct between ₦20,000 and ₦40,000 from students’ loan disbursements—an action that is not only fraudulent, but also directly undermines the integrity and purpose of the student loan scheme.

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 program. More critically, they cast a shadow on the goodwill and commitment of President Bola Ahmed Tinubu, GCFR, whose administration established the scheme to ensure 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.

In light of these developments, my office in collaboration with Honorable Minister of Education shall reel out a monitoring and Sanctional action in coming Days  not limited but including 

1. Establishment of a  Monitoring Committee to oversee compliance by all tertiary institutions. This committee may include:

Representatives from the Federal Ministry of Education

Officials from NELFUND

Recognized student bodies

Representatives from my office

2. Commissioning of Anti-Graft Agencies such as the EFCC and ICPC, in collaboration with the Ministry of Education, to:

Investigate all reported cases of unauthorized deductions

Identify culpable institutions and officials

Ensure appropriate sanctions are applied to deter further abuse

This press statement serves as a clear warning: no institution or individual will be allowed to frustrate a federal initiative designed to uplift the future of Nigerian youth.

The Presidency, through my office, remains committed to ensuring that students receive the full benefit of the NELFUND scheme and that those found culpable of fraudulent deductions face the full weight of the law.

Signed:
Hon. Comr. Asefon Sunday Dayo
Senior Special Assistant to the President on Students Engagement.

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