The Presidency has threatened sanctions against illegal deductions and double institutional fee collection by 51 tertiary institutions, allegedly exploiting the Nigerian Education Loan Fund (NELFUND) student loan scheme.
In a statement issued on Wednesday, April 30, in Abuja, 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.
“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”.
Asefon further 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.
