 Managing Director and Vice Chancellors of impacted universities have been asked){kind=link}
The Ministry is convening an urgent meeting on May 6, 2025, with the Vice Chancellors of the affected universities and the Managing Director of NELFUND.
The Nigerian Education Loan Fund (NELFUND) Managing Director and Vice Chancellors of impacted universities have been asked by the federal government to an emergency meeting on May 6, 2025, in response to troubling claims of unauthorized deductions from student loans.
Dr. Maruf Olatunji Alausa, minister of education, expressed grave worry about the situation and said that the government will spare no effort in its fight for transparency, the preservation of public finances, and the equitable distribution of loan benefits among students.
Boriowo Folasade, the director of press and public relations for the ministry, issued a statement which stated that the federal ministry of education is concerned about a media report that claims certain Nigerian colleges took unapproved deductions from NELFUND scheme.
Alausa said, “In response, the Ministry is convening an urgent meeting on May 6, 2025, with the Vice Chancellors of the affected universities and the Managing Director of NELFUND.
“The meeting will aim to thoroughly investigate the matter, ensure full accountability, and reaffirm the Ministry’s zero-tolerance policy toward financial malpractice in the education sector.
“To reinforce this effort, the Ministry, in collaboration with the Athena Centre, will launch a compliance-tracking initiative and a countdown webpage to monitor institutional transparency.
“They will also offer technical assistance and introduce an Annual University Transparency Index to promote accountability and enhance the global relevance of Nigerian universities.
“As part of our National Education Sector Reform Initiative (NESRI), governance remains the top pillar of our agenda.
“We are committed to strengthening transparency, promoting responsible financial conduct, and ensuring that every kobo allocated for student welfare is used appropriately. Let me assure Nigerians that this matter will not be swept under the carpet. Anyone found culpable will face appropriate sanctions.
“NELFUND was created to expand students’ access to high-quality education and to support universities financially in a legal and sustainable way. Any attempt to exploit this fund is unacceptable and contradicts the President’s vision for inclusive human capital development.”
Protecting public funds and making sure students get the full benefits of all government education support schemes are two things the minister emphasized again.