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By Ayobami Ife, Abeokuta
The National Association of Nigerian Students (NANS) has called on President Bola Ahmed Tinubu to immediately sanction banks and school officials found culpable of shortchanging students on the National Education Loan Fund(NELFUND) initiative.
NANS also urged the President to set up monitoring system to ensure probity, transparency, efficiency and success of the NELFUND.
Addressing journalists in Abeokuta, the Ogun State capital on Thursday in reaction to the revelation that the scheme is now fraught with corrupt practices with some institutions allegedly diverting the funds to private purses, Comrade Akinbodunse Felicia, NANS National Vice President, Inter-Campus and Gender Affairs, urged the President to move fast and arrest the unfolding ugly situation.
She revealed that at the zonal level, NANS had chosen April 24 to organise mass protests across the Southwest zone to call the President’s attention to the clandestine moves by some people to divert funds meant for student loans into private accounts.
While urging NOA and NELFUND to disclose the identity of individuals or higher institutions that were dipping hands into the loan facility meant for students as well as identity of conniving banks, Akinbodunse called on the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission and other Related Offences (ICPC) to beam their searchlights on institutions and banks suspected to be involved in the corrupt practices.
She said, “We want to raise the alarm and call the attention of President Bola Ahmed Tinubu to the sharp and unethical practices of some tertiary institutions in the disbursement of the Federal Government Student Loan Fund.
“This initiative launched by the president was welcomed by all and sundry, particularly we at NANS, as we realized the benefits inherent in the policy for the teeming populace of the Nigerian students.
“To us, the loan would not only bring succour to the parents who struggle to pay tuition fees and other expenses of their wards, it would equally create an avenue for indigent students to achieve their academic goals without financial encumbrance.
“In fact, the establishment of NELFUND remains one the best initiatives of the incumbent administration in the country.
“However, it came to the leadership of NANS as a rude shock when it learnt that the beautiful and laudable scheme is now fraught with corrupt practices as some institutions have begun to divert the funds allocated to students in their schools to private purses.
“According to recent investigations into the disbursement of the Federal Government Student Loan Fund by National Orientation Agency of Nigeria (NOA), the scheme is being tampered with by officials saddled with the responsibility of disbursing the loans to eligible students.”
“We call on President Bola Ahmed Tinubu to set up a monitoring system to ensure that the funds meant for the student loans get to the targeted beneficiaries. As his baby, NELFUND must not be allowed to be rubbish by officials in charge of loan disbursement in higher institutions. Mr President must not hesitate to wield the big stick on any higher institution found tampering with loans meant to help the students.
“Furthermore, the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission and other Related Offences (ICPC) should be directed to beam their searchlight on institutions suspected to be involved in the corrupt practices.
“Also, banks found to be conniving with officials of higher institutions to shortchange students, should be adequately sanctioned to serve as deterrent to others.
“Meanwhile, we want to urge NOA and NELFUND to disclose the identity of individuals or higher institutions that are dipping their hands into loans meant for the students. Also, the identity of the banks conniving with these identified officials should also be exposed.”
