Written by J M Dakas
The establishment of the Nigerian Education Loan Fund (NELFUND) was widely regarded as a commendable initiative aimed at enhancing access to higher education by providing financial support to students in tertiary institutions. Its primary objective was to bridge the gap between socio-economic disparity and educational opportunity, enabling academically qualified but financially disadvantaged students to pursue their academic ambitions.
However, less than a year since its implementation, serious concerns have emerged regarding the administration and disbursement of the fund. Numerous students,have reported that while they received notifications of loan approval, no actual funds have been disbursed. These discrepancies are troubling.
The Academic Staff Union of Universities (ASUU) had, from the outset, expressed deep reservations about the fund. The union warned that NELFUND, if not carefully managed, could become a conduit for misappropriation and political exploitation. ASUU further contended that introducing a student loan scheme in a country grappling with high unemployment and an underfunded public education system was ill-advised. Instead, the union advocated for the conversion of such loans into grants to avoid compounding the financial challenges faced by Nigerian youths.
Unfortunately, recent developments appear to vindicate these early warnings. Allegations of misappropriated funds, insufficient accountability, and the absence of publicly accessible records regarding loan disbursement and repayment structures have called the credibility of the initiative into question. The situation is exacerbated by reports of poor communication and lack of responsiveness on the part of NELFUND officials.
It must be emphasized that the mismanagement of educational funds transcends financial misconduct it undermines national development and erodes public confidence in government interventions. If urgent corrective measures are not taken, NELFUND risks becoming another failed policy initiative that compounds rather than alleviates the challenges of access to education in Nigeria.
In light of these concerns, a comprehensive audit of NELFUND’s operations is imperative. All individuals or entities implicated in financial irregularities must be held accountable in accordance with the law. Furthermore, policymakers should revisit the structure of the loan scheme and give serious consideration to ASUU’s proposal to convert the loans into grants, particularly for students from economically disadvantaged backgrounds.
Education remains a cornerstone of national progress. It is incumbent upon the government to ensure that well-intentioned programs like NELFUND are executed with transparency, integrity, and a genuine commitment to the future of Nigerian students.
J M Dakas
University of Jos.
