Speaker of the House of Representatives, Hon. Abbas Tajudeen on Thursday vowed that any erring Institution or public official found culpable in the alleged diversion of arudent loan being disbursed through Nigerian Education Loan Fund (NELFUND) and the guidelines governing the programme must face the wrath of the law.
Hon. Tajudeen issued that threat notice in Abuja during the flag-off of investigative hearing into the ‘Alleged unethical practices in the sisbursement and management of Student Loans’, organized by the Joint Committee on Student Loans, Tertiary Education and Services, and Banking and Currency.
He explained that the public hearing is a “constitutional imperative and a moral duty to the Nigerian people especially the young citizens whose future is tied to the integrity of our education financing system. I want to begin by thanking the Chairman and members of the Joint Committee for their commitment and diligence in pursuing the truth and seeking accountability on behalf of the Nigerian people.
“The 10th House of Representatives stands firmly for integrity, transparency, and good governance. Our constitutional responsibility under Sections 88 and 89 of the 1999 Constitution (as amended) empowers us to conduct investigations into the activities of any authority or agency charged with the responsibility of executing or administering laws enacted by the National Assembly.
“This hearing is therefore grounded in law, and it reaffirms our legislative oversight function to detect institutional weaknesses, correct misapplications of the law, and hold erring institutions accountable in the discharge of their public duties.
“The establishment of the Nigerian Education Loan Fund (NELFUND) through the Student Loans (Access to Higher Education) Act, 2024, marked a bold step towards equitable access to higher education in Nigeria.
“It is one of the most precious legacies of the Renewed Hope Agenda of President Ahmed Bola Tinubu’s administration with over 600,000 applications and more than N73 billion disbursed to students across the country, it represents a landmark policy.
“However, the emergence of troubling reports about alleged diversions, non-compliance, and unethical practices in the disbursement process threatens to derail this important national intervention.
“This House cannot afford to allow the student loan initiative to be undermined by administrative inefficiencies, regulatory gaps, or deliberate abuse of process.
“We are particularly concerned by reports suggesting that certain institutions and stakeholders may have colluded to delay or conceal disbursements. The credibility of the programme, and the trust of the Nigerian people in public institutions, are both at stake and we cannot fold our hands and allow this to be swept under the carpet.
“This hearing is therefore structured to achieve specific objectives. First, to verify the authenticity of the reported allegations of mismanagement and lack of due diligence in the loan approval and disbursement processes.
“Second, to identify any structural weaknesses and administrative flaws that may exist within relevant agencies, regulators, participating institutions and individual actors.
“Third, to recommend corrective actions, including appropriate sanctions for any organization or individual found to have acted in breach of the law or the guidelines governing the programme.
“It should be known that, the goal of this House is not to witch-hunt anyone, but to ensure that every Kobo of public funds allocated to support Nigerian students is used judiciously, transparently, and in line with the law.”
“We must reinforce public confidence in the student loan system as a viable and dependable mechanism for educational advancement. We must protect the spirit of equity and access which underpins the establishment of NELFUND.”
While urging all the stakeholders to engage meaningfully, share honest perspectives, and offer solutions grounded in experience and insight, the Speaker stressed that the deliberations should be free enough to interrogate all the key concerns surrounding the implementation of the student loan scheme.
In his remarks, Chairman, joint Committee, Hon. Ifeoluwa Ehindero averred that the student loan initiative reignites “hope for thousands of Nigerian families who now see this initiative to fund Tertiary Education as a commitment for transformative intervention by bridging the gap between aspirations and reality in Nigeria’s Higher Education landscape.”
According to him, “during the period under review, NELFUND has disbursed N73,113,908,543 in loans as at Monday 30th June, 2025 with a total of 366,247 student beneficiaries across Federal and State Tertiary Institutions, with N38,262,648,545 allocated to tuition fees and N34,851,260,000 for upkeep allowance to over 206 beneficiary Institutions.
“None of this would have been a reality without the unwavering leadership commitment and dedication of the Rt. Hon. Speaker, Tajudeen Abbas, by ensuring robust legislation, advocacy for transparency and accountability which enable this Joint Committee to operate impartially to avail all the relevant Stakeholders and the general public this platform to contribute their quota by addressing institutional bureaucratic bottle neck associated with the disbursement process of the student loans.”
While noting that the investigation will be “executed without fear or favour,” Hon. Ehindero assured that the “Committee is not out there to witch hurt any individual, institutions or group of persons but setting the stage for prudent accountability, enhancement of the disbursement process and value addition to all the relevant Stakeholders.
“Your insight and experience are vital as we deliberate of the best approach to overcome challenges/impediments encountered regarding the implementation of the Student Loans Scheme by NELFUND.
“As we move forward with today’s deliberation, I urge everyone of us to share our thoughts candidly. We must work as a team to ensure that the ‘Renewed Hope’ Agenda on Education of Mr. President is not only to achieve but to revitalize the Nigerian education sector by focusing on quality, inclusivity, and relevance to the 21 st-century global economy.”
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