National Association of Nigerian Students, NANS, has called on President Bola Tinubu to immediately sanction banks and school officials shortchanging students on the National Education Loan Fund, NELFUND, initiative.
NANS also urged the president to set up monitoring systems to ensure probity, transparency, efficiency and success of the NELFUND.
Addressing newsmen in Abeokuta, the Ogun State capital, on Thursday, in reaction to the revelation that the scheme is now fraught with corrupt practices, with some institutions allegedly diverting the funds to private purses, NANS National Vice President, Inter-Campus and Gender Affairs, Comrade Akinbodunse Felicia, urged the president to move fast and arrest the unfolding ugly situation.
She revealed that at the zonal level, NANS had chosen April 24 to organise mass protests across the South West zone to call the president’s attention to the clandestine moves by some people to divert funds meant for student loans into private accounts.
While urging the National Orientation Agency, NOA, and NELFUND to disclose the identity of individuals or higher institutions dipping hands into the loan facility meant for students, as well as the identity of the conniving banks, Akinbodunse called on the Economic and Financial Crimes Commission, EFCC, and Independent Corrupt Practices and other Related Offences Commission, ICPC, to beam their searchlight on institutions and banks suspected to be involved in the corrupt practices.
She said: “We want to raise the alarm and call the attention of President Tinubu to the sharp and unethical practices of some tertiary institutions in the disbursement of the Federal Government Student Loan Fund.
“This initiative launched by the president was welcomed by all and sundry, particularly we at NANS, as we realised the benefits inherent in the policy for students.
“To us, the loan would not only bring succour to parents who struggle to pay tuition fees and other expenses of their wards, it would equally create an avenue for indigent students to achieve their academic goals without financial encumbrance.
“In fact, the establishment of NELFUND remains one the best initiatives of the incumbent administration.
“However, it came to us as a rude shock that the beautiful and laudable scheme is now fraught with corrupt practices, as some institutions have begun to divert the funds allocated to students to private purses.
“According to recent investigations into the disbursement of the Federal Government Student Loan Fund by NOA, the scheme is being tampered with by officials saddled with the responsibility of disbursing the loans to eligible students.
“We call on President Tinubu to set up a monitoring system to ensure that the funds get to the targeted beneficiaries. As his baby, NELFUND must not be allowed to be rubbished by officials in charge of loan disbursement in higher institutions. Mr President must not hesitate to wield the big stick on any higher institution found tampering with loans meant to help students.
“Furthermore, EFCC and ICPC should be directed to beam their searchlight on institutions suspected to be involved in corrupt practices.
“Also, banks found to be conniving with officials of higher institutions to shortchange students should be adequately sanctioned to serve as a deterrent to others.
“Meanwhile, we want to urge NOA and NELFUND to disclose the identity of individuals or higher institutions that are dipping their hands into loans meant for the students. Also, the identity of the banks conniving should also be exposed.”
