Polytechnic Students Demand Transparency Over Missing ₦71.2 Billion in Student Loans

The National Association of Polytechnic Students (NAPS) has issued a five-day ultimatum to the Nigeria Education Loan Fund (NELFUND), demanding a full and transparent breakdown of how student loans have been disbursed.

The student body raised alarm over the fate of ₦71.2 billion, part of the ₦100 billion earmarked by the federal government for student loans. According to NAPS, only ₦28.8 billion has reportedly reached the students so far, raising serious questions about the remaining funds.

NAPS President, Comrade Eshiofune Paul Oghayan, called for urgent accountability and warned that the association is prepared to mobilize peaceful protests involving thousands of students nationwide if the fund fails to respond within the set deadline. He also disclosed plans to petition anti-corruption agencies, including the EFCC and DSS, to probe the matter.

In response, NELFUND Managing Director, Akintunde Sawyerr, dismissed claims of any misappropriation, insisting that no funds have been stolen. However, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has begun an investigation. Preliminary reports reveal that while NELFUND received ₦203.8 billion, only ₦44.2 billion has been disbursed to 299 institutions, benefitting just over 293,000 students. This leaves a gap of about ₦159.6 billion still unaccounted for.

Further concerns have emerged over alleged illegal deductions by some institutions (ranging from ₦3,500 to ₦30,000) from tuition fees paid via the loan scheme. These unauthorized charges have triggered additional scrutiny from stakeholders.

Presidential aide on student engagement, Sunday Asefon, has also weighed in, criticizing some institutions for withholding information and imposing extra fees on students who accessed the loans.

As tension builds, all eyes are now on NELFUND to provide answers before the students’ deadline expires.