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NEWS

FG summons VCs, NELFund MD over alleged student loan diversion

May 2, 2025 • 1 min read

May 02, 2025

By Ayinde Adeleke

The Federal Ministry of Education has summoned Vice Chancellors of 51 universities and the Managing Director of Nigeria Education Loan Fund (NELFund) to an urgent meeting over alleged diversion of student loan funds.

The meeting, scheduled for May 6, 2025, aims to investigate the matter and ensure accountability.

Minister of Education, Olatunji Alausa, described the claims as “very disturbing” and a potential violation of public trust.

“If proven true, such actions would constitute a gross violation of public trust and a betrayal of the government’s commitment to equitable access to education,” he said.

To enhance transparency, the Ministry will launch a compliance-tracking initiative, including a countdown webpage to monitor university transparency, an Annual University Transparency Index, and technical assistance to institutions.

A training programme will also be held for university Bursars and ICT Heads to support an open-portal initiative.

The Nigeria Education Loan Fund (NELFund) programme was launched on May 24, 2024, providing interest-free loans to students in tertiary institutions.

As of April 2025, the fund had disbursed N53.8 billion to support students.