The Federal Government has dismissed circulating claims of financial impropriety within the Nigerian Education Loan Fund (NELFUND), affirming that no fraud has been uncovered in the operations of the recently established scheme.
The Minister of State for Education, Dr. Yusuf Tanko Sununu, made this known on Tuesday while addressing journalists in Abuja. He described the rumoured allegations of fraud in NELFUND as “baseless and misleading,” urging the public to disregard any reports suggesting financial mismanagement.
“There is no fraud in NELFUND. We have reviewed the operations and found no irregularities whatsoever,” the Minister stated emphatically. “What is happening is part of a smear campaign against a government initiative that is fundamentally aimed at empowering Nigerian students.”
Dr. Sununu highlighted that NELFUND, established under the administration of President Bola Ahmed Tinubu, remains a cornerstone of the Federal Government’s agenda to ensure equitable access to higher education for all Nigerians, particularly students from low-income households. The scheme, launched in 2023, is designed to provide interest-free loans to eligible students in tertiary institutions across the country.
He explained that transparency and accountability mechanisms have been embedded into NELFUND’s structure, including digital application tracking, third-party audits, and collaboration with relevant ministries and financial regulators. These measures, he added, were put in place to safeguard public funds and reinforce trust in the disbursement process.
The Minister’s remarks come amid growing anticipation over the rollout of the loan application portal, which the government has said will go live soon. He assured stakeholders that the system is being finalised to ensure a seamless, corruption-proof process when applications commence.
NELFUND is expected to play a transformative role in the Nigerian education sector, bridging financial gaps and reducing dropout rates linked to economic hardship. The Fund’s leadership has also reiterated its readiness to work with civil society groups, student unions, and financial institutions to deliver on its mandate without compromise.
“This administration is committed to opening up opportunities for every Nigerian child to learn, grow, and succeed. We will not allow misinformation to derail such a noble vision,” Dr. Sununu concluded.
