The Presidency has condemned what it called unauthorised deductions from the Nigerian Education Loan Fund (NELFUND) student loans by the authorities of some tertiary institutions in the country.
Consequently, operatives of the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) are to be deployed to conduct a comprehensive investigation into all reported cases of unauthorised deductions by the affected institutions.
Mr. Sunday Asefon, the Senior Special Assistant to the President on Student Engagement, disclosed this in a statement on Wednesday in Abuja.
He said the anti-graft agencies would pursue the matter, identify culpable institutions and officials, and ensure that appropriate sanctions are applied to deter further abuse.
According to him, his office, in collaboration with the Minister of Education, Dr Olatunji Alausa, will issue monitoring and sanction measures in the coming days.
The statement reads: “The attention of my office has been drawn to alarming reports of unauthorized deductions from the Nigerian Education Loan Fund (NELFUND) student loans by management authorities of various tertiary institutions across the country.
“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.
“More critically, they cast a shadow on the goodwill and commitment of President Bola Ahmed Tinubu, GCFR, whose administration established the scheme to ensure inclusive access to education and relief for Nigerian parents.
“The intent of the loan is to support students, not to become an avenue for exploitation by school authorities.
“In light of these developments, my office in collaboration with Honorable Minister of Education shall reel out a monitoring and sanctions in coming days not limited but including establishment of a Monitoring Committee to oversee compliance by all tertiary institutions.
“This committee may include: representatives from the Federal Ministry of Education; Officials from NELFUND; recognized student bodies; and representatives from my office.
“Commissioning of Anti-Graft Agencies such as the EFCC and ICPC, in collaboration with the Ministry of Education, to investigate all reported cases of unauthorized deductions, identify culpable institutions and officials.”
It added: “Ensure appropriate sanctions are applied to deter further abuse. This press statement serves as a clear warning: no institution or individual will be allowed to frustrate a federal initiative designed to uplift the future of Nigerian youth.
“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.”
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