The National Association of Polytechnic Students (NAPS) has issued a five-day ultimatum to the Nigeria Education Loan Fund (NELFUND) board, demanding a detailed disclosure on how funds were disbursed under the student loan scheme.
Naija News reports that this demand follows increasing concern over alleged financial irregularities. The National Orientation Agency had earlier accused some institutions and collaborating banks of making fraudulent deductions from students’ loan disbursements.
Adding weight to the controversy, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) stated in a preliminary report last week that while NELFUND disbursed ₦100 billion in student loans, only ₦71 billion was accounted for.
Public outrage over the issue escalated on Monday, as members of the National Association of Nigerian Students blocked the Lagos-Ibadan Expressway in protest.
In a communique issued on Wednesday and signed by NAPS President, Eshiofune Oghayan, and Senate President, Oyewumi Ayomide, the association demanded that NELFUND provide precise figures showing how much polytechnic students received.
“We issue a five-day ultimatum to the NELFUND board to publicly provide detailed breakdown of how funds were disbursed. Specific figures showing how polytechnic students benefited,” the statement read.
The students also threatened serious action should their demands go unmet.
“Organise a mass protest with 0.9% of Nigeria’s 28.1 million students; File petitions with the DSS and EFCC for a full-scale investigation; Pursue democratic means, use all democratic means to seek justice,” it added.
Responding to the controversy, NELFUND Managing Director, Akintunde Sawyerr, dismissed the allegations of missing funds during an appearance on Politics Today on Channels Television.
He said, “We are all looking for this so-called money. First of all, let me be very clear. No money has been stolen.
“The President, in his wisdom and well-intentioned programme, decided that he was going to set up the Nigeria Education Loan Fund.
“So the funds that we’ve been given is to bridge the gap for those who don’t have the money to be able to attain the education.
“No money is missing. No money has been stolen. There had been some issues with what happened at the phase of this where human intervention comes in.”