The Nigerian government has issued a stern warning to 51 tertiary institutions accused of making unauthorised deductions from student loans provided by the Nigerian Education Loan Fund (NELFUND). These deductions, which include double billing and other irregular charges, are said to undermine the federal government’s efforts to make education more accessible to all Nigerians.
In a statement released in Abuja on Wednesday, Sunday Asefon, the Senior Special Assistant to the President on Student Engagement, expressed deep concern over these practices. He emphasized that such actions could jeopardize President Bola Tinubu’s commitment to providing inclusive and affordable education through the student loan initiative.
Asefon called on the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to collaborate with the Federal Ministry of Education to investigate and address these issues. He stressed the importance of holding accountable those institutions found guilty of exploiting the loan scheme.
The Nigerian Education Loan Fund (NELFUND) was established to provide financial assistance to students pursuing higher education, ensuring that financial constraints do not hinder academic aspirations. However, reports have surfaced indicating that some institutions are engaging in practices that exploit this system, such as imposing additional fees and making unauthorized deductions from student loans.
These actions not only place undue financial burdens on students but also threaten the integrity of the student loan program. The government’s warning serves as a clear message that such exploitation will not be tolerated and that measures will be taken to protect students’ rights and the sanctity of educational funding.
As investigations commence, the government urges all institutions to review their billing practices and ensure compliance with the guidelines set forth by NELFUND. Transparency and accountability are paramount to maintaining trust in the educational system and ensuring that all students have equal opportunities to succeed.
The administration remains committed to fostering an environment where education is accessible, affordable, and free from corruption. By addressing these issues head-on, the government aims to uphold the principles of fairness and equity in the nation’s educational institutions.
Students and stakeholders are encouraged to report any irregularities or concerns regarding loan deductions to the appropriate authorities. Collective vigilance and cooperation are essential in safeguarding the future of Nigeria’s educational landscape.
