The National Association of Nigerian Students (NANS) blocked the RCCG Camp section of the Lagos-Ibadan Expressway on Monday, halting traffic for over an hour to protest the alleged mismanagement of N100 billion allocated to the Nigerian Education Loan Fund (NELFUND).
NANS demanded a presidential probe into financial discrepancies, citing the Independent Corrupt Practices Commission (ICPC) investigation revealing that only N28.8 billion reached students, leaving N71.2 billion unaccounted for.
NANS Ogun Chairman Gabriel Abiola Francis, alongside Vice President Felicia Akinbodunse, condemned the “gross misconduct” in loan disbursements, noting 51 tertiary institutions allegedly made unauthorised deductions of N3,500–N30,000 from students’ fees.
READ ALSO: ICPC investigates N71.2bn discrepancies in disbursement of student loans
Francis said, “If out of the N100 billion released… N71.2 billion cannot be accounted for, that is a huge and stark graft.” ICPC’s probe, launched after a petition from NELFUND and the National Orientation Agency, showed NELFUND received N203.8 billion by March 2024, but only N44.2 billion was disbursed to 299 institutions, benefiting 293,178 students.
NANS urged President Bola Tinubu to investigate NELFUND’s activities and sanction culprits, stating,
“The president should not hesitate to wield the big stick.” They demanded ICPC publish the names of implicated institutions, vowing to declare them “persona non grata.” The protest aimed to prompt decisive action, with NANS pledging continued mobilisation until justice is served.
THE NELFUND scheme was established in April 3, 2024, when Tinubu signed the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill into law, to provide financial assistance to students in public tertiary institutions.
However, some Nigerian universities allegedly deducted funds meant for students under the scheme illegally. Specifically, no fewer than 51 tertiary institutions have been accused of allegedly scamming students by making unauthorised deductions from the NELFUND loans.