By Stephen Simon
No fewer than 34 tertiary institutions across Nigeria are under investigation over allegations that they failed to refund students whose tuition fees were paid before subsequently receiving payments under the Federal Government’s student loan scheme, raising fresh concerns over accountability in the management of education funds.
The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, disclosed that the investigation followed a surge in complaints from students who claimed they paid their tuition fees while awaiting loan approval, only for NELFUND to later pay the same fees directly to their institutions without the excess payments being refunded.
Sawyerr said NELFUND has constituted a five-member investigative team comprising officials of the Fund, internal auditors and operatives of the Economic and Financial Crimes Commission (EFCC) to examine the allegations and determine the extent of any wrongdoing. He explained that the institutions under scrutiny would be required to account for the payments received and clarify why eligible students were yet to receive refunds.
According to him, the issue arose because President Bola Tinubu directed that the student loan scheme commence in the middle of an academic session rather than at the beginning, prompting many students to pay their fees in order not to miss academic activities before their loan applications were processed.
The NELFUND boss assured affected students that any institution found to have withheld refunds unlawfully would be compelled to return the money, stressing that the Fund remains committed to transparency and ensuring that beneficiaries fully enjoy the objectives of the student loan programme. He added that the investigation would be concluded as quickly as possible in the interest of students and the integrity of the scheme.
The student loan initiative, introduced to expand access to higher education by easing the financial burden on students, has recorded significant growth since its rollout, with hundreds of billions of naira already disbursed for institutional fees and students’ upkeep. The latest allegations, however, have renewed calls for stricter oversight of participating institutions and stronger safeguards against abuse.
Education stakeholders have welcomed the investigation, describing it as a necessary step towards protecting public funds and maintaining confidence in one of the Federal Government’s flagship education programmes. They expressed hope that the findings would strengthen accountability and ensure that deserving students receive the full benefits of the scheme without unnecessary delays or financial losses.
