The Nigerian Education Loan Fund (NELFUND) has expressed deep concern over recent misleading and speculative reports circulating in the public domain regarding the alleged mismanagement of the national student loan scheme.
This is disclosed in a statement made available to newsmen in Abuja on Thursday by the Director, Strategic Communications of NELFUND, Mrs Oseyemi Oluwatuyi.
According to her, these reports, which suggest misappropriation and mismanagement of funds, have not implicated NELFUND in any form of wrongdoing. Instead, the allegations pertain solely to certain beneficiary institutions purportedly involved in financial misconduct.
“NELFUND finds it troubling that some individuals have distorted these allegations in the media, erroneously linking the agency to issues unrelated to its operations.
“The agency has consistently emphasised its uncompromising stance against corruption and has made clear its commitment to accountability within the student loan scheme.
“The insinuations and false narratives attempting to associate NELFUND with financial mismanagement are entirely baseless, irresponsible, and harmful to the reputation of an institution established to provide critical financial support to Nigerian students.
“NELFUND condemns what appears to be a deliberate attempt to distort facts, erode public trust, and undermine the credibility of a vital national intervention still in its early stages.”
Oluwatuyi said no funds had been mismanaged, stolen, or remain unaccounted for under the current NELFUND student loan scheme.
“The student loan application portal officially launched in 2024. To date, all institutional fees are paid directly to verified institutions, while upkeep allowances are disbursed to the verified bank accounts of eligible student applicants.
“The figures and funding amounts currently being circulated in the public sphere relate to entirely separate education financing initiatives that predate NELFUND’s operations.
“These figures have no connection to the current student loan scheme and should not be mistakenly attributed to the agency.
“NELFUND operates a fully automated, zero-human-interface loan management system, which eliminates opportunities for financial malpractice.
“Every application and disbursement is digitally tracked, timestamped, and fully verifiable.”
She added that NELFUND remained fully committed to transparency and continues to cooperate with all oversight bodies, including the ICPC.
“At this critical phase of implementation, the spread of unverified, misleading claims is not only reckless but constitutes a deliberate attempt to sabotage a transformative, people-centered program aimed at expanding access to tertiary education and promoting economic mobility.
“NELFUND calls on the media, stakeholders, and the public to reject sensationalism and await verified information directly from the agency.
We remain steadfast, transparent, and unwavering in our commitment to delivering on this national mandate. The future of Nigeria’s youth is too important to be jeopardised by misinformation,” she added.
