NAPS gives NELFUND 5-day ultimatum over alleged N29bn missing student loans

The National Association of Polytechnic Students (NAPS) has issued a five-day ultimatum to the Nigeria Education Loan Fund (NELFUND), demanding a detailed account of how student loan funds were disbursed, particularly to polytechnic students.

This development follows rising concerns over alleged financial irregularities linked to the loan scheme. Naija News reports that the National Orientation Agency (NOA) had previously accused certain institutions and partner banks of making fraudulent deductions from student disbursements.

Adding to the controversy, the Independent Corrupt Practices and Other Related Offences Commission (ICPC), in a preliminary report last week, revealed that while NELFUND disbursed ₦100 billion in student loans, only ₦71 billion could be accounted for.

Public anger intensified on Monday when members of the National Association of Nigerian Students (NANS) blocked the Lagos-Ibadan Expressway in protest.

In a communique released on Wednesday, signed by NAPS President Eshiofune Oghayan and Senate President Oyewumi Ayomide, the association demanded a public, detailed breakdown of the disbursement figures—specifically showing how much polytechnic students received.

“We are giving the NELFUND board five days to disclose a comprehensive breakdown of how funds were allocated, including exact figures for polytechnic students,” the statement read.

The students warned of serious consequences if their demands are ignored, including mass protests involving 0.9% of Nigeria’s estimated 28.1 million students, petitions to the DSS and EFCC for a full investigation, and other democratic actions.

In response, NELFUND Managing Director Akintunde Sawyerr, during an interview on Channels Television’s Politics Today, denied any misappropriation of funds.

“We’re all looking for this so-called missing money,” Sawyerr said. “Let me be clear: no money has been stolen. The President initiated the Nigeria Education Loan Fund to help students lacking financial resources, and every naira is accounted for. Some challenges arose during the initial implementation phase, mostly due to human errors.”