Amid growing concerns over the handling of Nigeria’s student loan scheme, the National Association of Polytechnic Students (NAPS) has given the Nigeria Education Loan Fund (NELFUND) a five-day deadline to explain how its funds have been disbursed.
The demand comes in the wake of reports that some institutions, in collaboration with certain banks, have been making unauthorized deductions from student loans. The National Orientation Agency first raised the alarm, and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) later revealed that only ₦71 billion out of the ₦100 billion allocated by NELFUND could be accounted for.
In response, angry members of the National Association of Nigerian Students (NANS) staged a protest on Monday, blocking the Lagos-Ibadan Expressway to demand accountability.
In a statement signed by NAPS President Eshiofune Oghayan and Senate President Oyewumi Ayomide, the association called on NELFUND to release a transparent, detailed breakdown of the loan distribution—specifically how much reached polytechnic students.
“We are giving NELFUND five days to make this information public,” the statement read. “We want actual figures showing the level of support received by polytechnic students.”
NAPS also warned that failure to meet the deadline would trigger a nationwide response. Planned actions include mass protests involving 0.9% of Nigeria’s 28.1 million students, formal petitions to the DSS and EFCC, and other democratic measures to hold those responsible accountable.
Responding to the allegations, NELFUND Managing Director Akintunde Sawyerr denied any wrongdoing.
“There is no missing money,” he said in a Channels TV interview. “This program was designed to assist students in need, and any discrepancies are likely the result of human error—not fraud.”
Sawyerr reaffirmed that the fund is committed to its mission and is working to ensure transparency and clarity in the loan disbursement process.
