Minister of Education, Dr. Tunji Alausa, has stated that no fraud has been uncovered in the Nigeria Education Loan Fund (NELFUND), countering recent allegations of financial discrepancies in the disbursement of student loans.
Speaking after a high-level meeting with Vice Chancellors, officials from the National Universities Commission (NUC), the Nigerian Education Loan Fund, and the Federal Ministry of Education on Wednesday, Alausa addressed concerns raised by recent reports.
“There is no fraud in NELFUND,” the minister said. “The ICPC has clarified that the information suggesting otherwise was incorrect. What we are dealing with are issues related to timelines, not fraud.”
His remarks come in response to a statement by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which announced that it had begun investigating alleged discrepancies in the disbursement of student loans.
According to the ICPC, while the Federal Government had released N100 billion for the scheme, only N28.8 billion had been disbursed, leaving N71.2 billion unaccounted for.
The National Association of Nigerian Students (NANS) expressed concern over the issue, threatening to protest what it described as financial mismanagement.
The National Orientation Agency also alleged that some institutions, in collusion with certain banks, deliberately delayed student payments to benefit financially.
There were also reports that some universities made unauthorized deductions from student loan disbursements, ranging from N3,500 to N30,000.
In a statement issued last Thursday, ICPC spokesperson Demola Bakare confirmed that the commission had launched a special task force to investigate the allegations.
Despite the controversy, the Minister of Education insists that the core issues are administrative and not evidence of wrongdoing.

