Members of the House of Representatives during a joint investigative hearing on the student loan scheme in Abuja
House of Representatives has launched a formal investigation into the administration of the federal student loan scheme amid allegations of fund diversion, non-compliance, and unethical practices.
Speaking at a joint investigative hearing on Thursday, Speaker of the House, Dr Abbas Tajudeen, warned that administrative lapses or deliberate abuses could derail what is considered one of the nation’s most ambitious educational funding reforms.
Dr Tajudeen, represented by Deputy Minority Leader Aliyu Madaki, described the probe as both a constitutional duty and a moral obligation to ensure that Nigerian students are not denied access to higher education due to mismanagement of public resources.
“The integrity of this programme must not be compromised. We owe it to the millions of young Nigerians whose future depends on it,” the Speaker stated.
Chairman of the Joint Committee, Ifeoluwa Ehindero, highlighted the transformative impact the student loan programme has had on many Nigerian families. He lauded the House leadership for fostering transparency and providing an impartial platform to strengthen accountability mechanisms.
Managing Director of the Nigerian Education Loan Fund (NELFUND), Mr Akintunde Sawyer, while defending the Fund’s operations, revealed that over 650,000 prospective applicants had registered since the scheme launched. He said the Fund currently processes about 2,000 applications daily, ensuring that funds are disbursed directly to educational institutions upon successful verification.
Mr Sawyer reaffirmed the Fund’s commitment to fairness and transparency, noting that applications undergo a rigorous screening process before approval.
The ongoing probe underscores growing concerns over financial integrity in national education funding and could lead to reforms aimed at safeguarding public interest and restoring confidence in the system.
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