The National Association of Nigerian Students (NANS) has called on President Bola Ahmed Tinubu to take urgent action against banks and school officials allegedly shortchanging students under the National Education Loan Fund (NELFUND) initiative.
NANS raised concerns after revelations emerged that the scheme is being undermined by corrupt practices, with some tertiary institutions reportedly diverting student loan funds into private accounts. Speaking in Abeokuta, Ogun State, NANS Vice President for Inter-Campus and Gender Affairs said the association was alarmed by the situation and urged the President to act swiftly before the situation worsens.
According to NANS, the NELFUND, which was welcomed by Nigerian students as a timely intervention, is now at risk of being discredited by unethical actions of some officials tasked with disbursing the loans. The student body said the loan initiative was intended to relieve parents and support indigent students but is now being hijacked by institutions and banks engaged in fraudulent practices.
To address the issue, NANS is demanding that President Tinubu sanction any school or financial institution found guilty of tampering with the funds. The association is also urging the establishment of a monitoring system to ensure transparency and accountability in the loan disbursement process.
In addition, NANS called on the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the institutions and banks allegedly involved. They are also asking the National Orientation Agency (NOA) and NELFUND to publicly identify individuals, schools, and banks implicated in the misconduct.
To draw national attention to the issue, NANS announced plans to stage a mass protest across the Southwest region on April 24. They warned that if no concrete action is taken, the integrity of the student loan initiative could be permanently damaged.
