The Federal Ministry of Education has launched a formal investigation into reports of unauthorised deductions from students’ loan accounts under the Nigerian Education Loan Fund (NELFund) by some Nigerian universities.
In a statement issued by the Ministry’s Director of Press and Public Relations, it was revealed that an emergency meeting has been scheduled for May 6, 2025. This meeting will involve the Vice Chancellors of the implicated institutions and the Managing Director of NELFund.
The Ministry’s action follows a report published by The Guardian on April 29, 2025, and an ongoing probe by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) into operations within the NELFund scheme.
The Minister of Education, Dr. Marut Olatunji Alausa, described the allegations as “deeply disturbing” and warned that any unlawful deductions would be treated as a serious breach of public trust. He emphasised that such actions undermine the core objectives of NELFund, which was established to promote equitable access to education for all Nigerian students.
Dr. Alausa stated, “This is a gross violation of financial ethics and contradicts the principles of fairness and accountability that President Bola Ahmed Tinubu envisioned when he introduced the NELFund initiative.”
He assured Nigerians that the matter would be thoroughly investigated and that any individuals or institutions found culpable would be appropriately sanctioned.
As part of efforts to tighten governance in the education sector, the Ministry, in partnership with the Athena Centre, is set to introduce a compliance-tracking initiative. This includes the launch of a public countdown webpage to monitor transparency, as well as the introduction of an Annual University Transparency Index to promote institutional accountability.
To further strengthen oversight, bursars and ICT heads from universities and polytechnics will undergo training on the development and operation of an open-portal system for financial transparency.
The Ministry reaffirmed its zero-tolerance stance on financial malpractice and reiterated its commitment to safeguarding public funds meant for students’ welfare and higher education development.
