NOA Uncovers Massive Irregularities in Nigerian Student Loan Disbursement: Universities and Banks Implicated

The National Orientation Agency (NOA) and the Nigerian Education Loan Fund (NELFUND) have uncovered significant irregularities in the disbursement of the Federal Government’s student loan scheme. Investigations reveal that certain universities and banks are allegedly colluding to withhold or delay approved loan funds meant for students, raising serious concerns about transparency and accountability in the program. 

Lanre Issa-Onilu, Director General of the NOA, highlighted that some tertiary institutions, in partnership with specific banks, have intentionally delayed payments to approved student applicants for personal or institutional gain. Additionally, several universities are reportedly not acknowledging the disbursements made by NELFUND to students, further complicating the situation.

In response, NELFUND has issued a stern warning to all tertiary institutions, urging them to uphold transparency and avoid actions that could undermine public trust or deny students their rightful support. The agency emphasized its commitment to ensuring that no eligible Nigerian is denied the opportunity to pursue higher education due to lack of funds. 

These revelations come amidst discrepancies in reported disbursement figures. While the Federal Government claimed to have disbursed over ₦104 billion to student-beneficiaries, NELFUND clarified that only ₦32.89 billion had been disbursed as of February 3, 2025, highlighting a significant gap and prompting further scrutiny.

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