The National Association of Polytechnic Students has given the Nigeria Education Loan Fund board a deadline of five days to present a comprehensive report on how funds have been distributed.
The student loan program has faced significant criticism after the National Orientation Agency alleged that certain educational institutions, working together with banks, have been engaging in unauthorized withdrawals from students’ loan payments.
Last week, the Independent Corrupt Practices and Other Related Offences Commission stated that their initial investigation showed that although NELFUND disbursed ₦100 billion as student loans, only ₦71 billion could be accounted for.
These allegations triggered a wave of outrage, culminating in a protest on Monday by members of the National Association of Nigerian Students, who blocked the Lagos-Ibadan Expressway.
On Wednesday, a statement signed by the President, Eshiofune Oghayan, and the Senate President, Oyewomi Ayomide, stated that NAPS announced they would organize national demonstrations if the NELFUND fails to disclose details about how polytechnic institutions received funding.
We have issued a five-day deadline to the NELFUND board demanding a public disclosure of the detailed allocation of funds. This should include specific amounts indicating how polytechnic students have been supported.
The organization warned they would take action if their requirements were not fulfilled.
“Arrange a large-scale demonstration involving 0.9% of Nigeria’s 28.1 million students; Submit petitions to the DSS and EFCC demanding a comprehensive probe; Utilize every democratic method to pursue justice,” states part of the declaration.
PUNCH Online reported that on Sunday, during an interview with Channels TV’s Politics Today, NELFUND Managing Director Akintunde Sawyerr refuted allegations regarding the disappearance of N71 billion in student loans.
He stated, “Everyone is searching for what some call ‘money.’ To make myself perfectly clear, no money has actually been taken.”
The President, with his wise intentions and benevolent initiative, resolved to establish the Nigeria Education Loan Fund.
So the resources provided to us are intended to help cover the cost for individuals who lack the financial means to obtain an education.
No funds have vanished. No theft occurred. However, there were some concerns regarding the stage where human involvement was necessary.
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