The Nigerian Education Loan Fund (NELFUND), an intervention agency established by the Federal Government, has firmly denied reports circulating online and in some media outlets that approximately N71 billion earmarked for student loans was stolen.
In a statement released on Sunday, NELFUND described the allegations as “baseless, misleading, and a deliberate attempt to discredit the agency’s integrity.”
The management stressed that no funds have gone missing from the student loan scheme, which was launched to provide financial support for indigent Nigerian students pursuing higher education.
“We want to categorically state that there has been no misappropriation or theft of any amount, let alone N71 billion,” the agency stated.
“All disbursements and financial activities under the loan scheme are subjected to strict audit procedures and are fully traceable.”
NELFUND further noted that the loan disbursement process is still in its early stages, with applications currently being processed for qualified students across public tertiary institutions.
It added that transparency and accountability remain core to its operations, assuring Nigerians that every kobo allocated to the scheme is being carefully managed.
The agency urged the public to disregard the unfounded reports and advised media practitioners to verify information from credible sources before publication.
The Nigerian Education Loan Fund was created as part of the Federal Government’s broader effort to expand access to education and reduce the financial burden on students and their families.
The initiative is expected to support thousands of students annually with tuition and living expenses.
The government has yet to issue a separate response, but officials familiar with the fund’s operations also confirmed there is no evidence to support the theft claims.
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