The Federal Government of Nigeria has summoned several university Vice-Chancellors following alarming reports of alleged diversion of student loan funds. These funds were intended to provide financial relief for underprivileged Nigerian students pursuing tertiary education.
According to sources close to the Nigerian Education Loan Fund (NELFUND), the move comes after mounting pressure from the National Association of Nigerian Students (NANS), which accused some universities of misappropriating or misusing funds under the new student loan scheme…..CONTINUE READING
NANS also alleged that some institutions hiked tuition fees shortly after the loan disbursement plans were announced, effectively neutralizing the benefits of the program.
In reaction, the FG confirmed that student loan disbursements will henceforth be made directly to institutions to reduce the risk of fund mismanagement. Education Minister Tahir Mamman noted that any university found guilty of diverting funds or manipulating fees to exploit the loan scheme would face strict sanctions.
The Economic and Financial Crimes Commission (EFCC) has reportedly begun investigating key figures at institutions including Obafemi Awolowo University (OAU), where ₦1.4 billion was allegedly diverted into unauthorized payments.
The alleged misuse of the student loan scheme has left thousands of students uncertain about their financial stability. Many depend entirely on the government’s intervention to continue their studies.
The FG’s decision to summon university administrators is a strong message to uphold accountability in Nigeria’s higher education sector. As investigations continue, students and stakeholders await transparency and justice.
