The Nigerian Education Loan Fund (NELFUND) has strongly refuted recent media reports alleging misappropriation and mismanagement of student loan funds, describing them as false, irresponsible, and harmful to the credibility of the scheme.
In a statement on Thursday, the agency expressed alarm over what it termed “a surge of inaccurate, misleading, and dangerously speculative reports” concerning the administration of the student loan initiative.
“This is a coordinated distortion of facts that undermines public trust, weaponizes misinformation, and threatens the credibility of a national intervention still in its infancy,” said Mrs. Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND.
The agency emphasized that no funds have been stolen, mismanaged, or left unaccounted for, adding that the loan scheme, which launched its application portal in 2024, ensures direct payments to verified institutions and upkeep allowances to verified student accounts.
Addressing the controversy, NELFUND clarified that the figures being circulated stem from older education financing programs and bear no connection to the current student loan system.
“The current scheme operates a fully automated, zero-human interface loan process, with every transaction digitally tracked and verifiable,” the agency noted, stressing its commitment to transparency and full cooperation with oversight bodies, including the ICPC.
Condemning what it called “reckless and inflammatory claims,” NELFUND warned that such misinformation could sabotage a vital national program aimed at improving access to tertiary education.
“We urge the public and media to avoid sensationalism and rely on verified information from NELFUND. The future of Nigeria’s youth must not be compromised by misinformation,” the statement concluded.
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