The last is yet to be heard about The Guardian story on illegal deductions, double institutional fee collection by 51 tertiary institutions, allegedly exploiting the Nigerian Education Loan Fund (NELFUND) student loan scheme.
Specifically, the Presidency has threatened sanctions against any institution found culpable.
A statement on Wednesday in Abuja by the Senior Special Assistant to the President on Student Engagement, Sunday Asefon, said the actions of these institutions, if left unchecked, may tarnish President Bola Tinubu’s commitment to ensuring inclusive access to education through the student loan scheme.
Asefon, therefore, called on the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and other related offences Commission (ICPC) to liaise with the Federal Ministry of Education to get to the root of the matter.
According to the presidential aide, appropriate sanctions would serve as a deterrent to would-be violators.
He said: “A recent investigative report by The Guardian Newspaper has exposed that no fewer than 51 institutions are currently implicated in this scandal. These institutions have been found to deduct between N20,000 and N40,000 from students’ loan disbursements—an action that is not only fraudulent but also directly undermines the integrity and purpose of the student loan scheme.
“These illegal deductions, coupled with the refusal by some institutions to publicly announce the disbursement of funds to eligible students, represent a grave threat to the credibility of the NELFUND programme”.
The statement called for the establishment of a monitoring committee to oversee compliance by all tertiary institutions.
The panel, it added, should comprise of representatives from the Federal Ministry of Education, officials from the Nigerian Education Loan Fund (NELFUND), student bodies, as well as the office of the Senior Special Assistant to the President on Student Engagement.
Asefon also called for the commissioning of anti-graft agencies in collaboration with the Ministry of Education, to investigate all reported cases of unauthorised deductions, identify culpable institutions and officials, and ensure appropriate sanctions are applied to deter further abuse.
“The Presidency, through my office, remains committed to ensuring that students receive the full benefit of the NELFUND scheme and that those found culpable of fraudulent deductions face the full weight of the law,” the statement added.
