Minister of Education, Dr. Tunji Alausa has declared that no fraud has been uncovered in the Nigerian Education Loan Fund (NELFUND).
Speaking on Wednesday after a meeting with Vice Chancellors, officials from the National Universities Commission (NUC), representatives of NELFUND, and the Federal Ministry of Education, Alausa addressed recent concerns about the integrity of the student loan scheme.
The Minister responded directly to claims made by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which recently announced an ongoing investigation into the disbursement of funds under NELFUND. According to the ICPC, a total of N100 billion was released by the Federal Government for the loan scheme, but only N28.8 billion had been disbursed to students, raising questions about the remaining N71.2 billion.
However, Dr. Alausa rejected the suggestion of financial wrongdoing. “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,” he said during the briefing.
He noted that while there have been delays in disbursing the full amount allocated, these were due to timing and technical factors related to the scheme’s early stages. He clarified that there is no missing money and no evidence of corruption in the process.
Dr. Alausa also noted that the loan fund is still in its foundational phase and such teething problems are expected. He reassured the public that the Ministry of Education, along with NELFUND, is working closely to improve the system and make sure students receive the support they need.
“The scheme is still very new, and as with any large-scale programme, there are bound to be operational delays. That does not mean funds are missing or misused,” he added.
