The National Association of Nigerian Students (NANS) has issued a stern warning over alleged misappropriation of student loan funds by officials in some Nigerian tertiary institutions, threatening to launch mass protests across the country on April 24 if swift action is not taken to address the situation.
Speaking at a press briefing held in Abeokuta on Thursday, the NANS Vice President for Inter-Campus and Gender Affairs, Comrade Felicia Akinbodunse, expressed deep concern over what she described as a coordinated effort by certain institutions and bank officials to divert funds earmarked under the Nigerian Education Loan Fund (NELFUND), a flagship initiative of President Bola Ahmed Tinubu’s administration aimed at expanding access to higher education.
According to Akinbodunse, the alleged diversion of the student loans not only undermines the credibility of the programme but also jeopardises the future of thousands of Nigerian students who depend on these funds for their academic pursuits.
She noted that the NANS national leadership has placed all zonal chapters of the association on standby to begin mass mobilisation ahead of the April 24 protest, which is intended to draw national attention to what the association has described as a disturbing pattern of corruption within institutions of higher learning.
“It is disheartening to discover that funds meant to assist struggling students are being diverted into private accounts,” Akinbodunse said. “We are calling on President Tinubu to act decisively and ensure that the integrity of the NELFUND is not compromised by the actions of a few corrupt individuals.”
The student leader further called for the immediate establishment of an independent monitoring team to track disbursements under the scheme and verify that funds are reaching the intended beneficiaries. According to her, recent investigations by the National Orientation Agency (NOA) have uncovered disturbing irregularities, indicating that some institutions are tampering with the loan disbursement process to the detriment of students.
She urged President Tinubu not to hesitate in taking disciplinary action against any institution found culpable, stressing that the success of the student loan scheme depends on transparency, accountability, and the political will to sanction wrongdoers.
In addition to the protest plans, NANS has called on anti-graft agencies including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to launch full-scale investigations into the matter. The student body also demanded that the names of institutions, officials, and financial institutions allegedly involved in the malpractice be made public.
“We are urging both the EFCC and ICPC to immediately beam their searchlights on schools suspected to be diverting these funds. Banks found to be colluding with school officials must not be spared. Sanctions must follow, and identities must be made public,” Akinbodunse insisted.
She added that the association would no longer tolerate the exploitation of students under any guise and that NANS would continue to protect the interest of Nigerian undergraduates through lawful action, including peaceful protests and public advocacy.
KIIN360 understands that the student loan programme, recently revamped under the Tinubu administration, is expected to provide financial relief to thousands of indigent students across Nigeria. However, emerging reports of mismanagement threaten to erode public confidence in the initiative unless urgent corrective steps are taken.
As the April 24 protest date approaches, all eyes are now on the Federal Government and relevant regulatory bodies to respond to NANS’ demands and restore trust in a scheme that holds the promise of transforming the future of Nigeria’s youth.
