By: Daure David
A growing controversy is brewing over the disbursement of student loans under the current administration, with starkly differing reports on the actual amount released for the scheme. The ruling All Progressives Congress (APC) led administration of President Bola Ahmed Tinubu claimed that a sum of N104 billion had been disbursed for student loans, aimed at providing financial support to Nigerian students across the country. However, a recent statement from the National Economic and Learning Fund (NELFUND), the body responsible for handling the disbursement, reveals that only N32.8 billion has actually been allocated to date.
This leaves a glaring discrepancy of N71.2 billion, prompting serious questions about the whereabouts of the missing funds. Both students and stakeholders in the educational sector have expressed concern over the inconsistency in the figures provided by the government and NELFUND.
According to NELFUND, only N32.8 billion has been allocated for student loans. This amount, although substantial, falls far short of the N104 billion claimed by the APC administration. While it remains unclear how such a significant difference in numbers emerged, the lack of transparency has led to widespread speculation.
Experts argue that this could be a result of administrative errors, misreporting, or perhaps even something more alarming. For many students who have been eagerly awaiting financial assistance, the discrepancy only adds to the frustration of a system already struggling with delays in loan disbursement.
The absence of clarity regarding the missing N71.2 billion has prompted calls for immediate investigations into the matter. Critics of the government have demanded that officials provide a detailed account of where the N104 billion was disbursed and how funds are being managed by NELFUND.
“It is crucial that the government takes full responsibility for this situation and provides answers to the students and the public,” said A PDP Elder Statesman, an education policy expert. “The lack of transparency on such an important issue erodes trust in the system and leaves students vulnerable.”
In response to the controversy, the Ministry of Education has promised to look into the matter and provide clarification on the figures. A government spokesperson assured that any discrepancies would be addressed promptly, but as of now, no further details have been made available.
The loan disbursement program, which was designed to support millions of Nigerian students, has already faced several hurdles, including delayed releases and limited access to the funds. The revelation of missing funds only exacerbates the challenges students are facing in their pursuit of higher education.
As the investigation into the missing N71.2 billion unfolds, students, parents, and educational stakeholders are hoping for swift action and transparency. For now, the question remains: Where is the missing money, and when will it be accounted for?
Until then, the gap between the promises made by the administration and the reality faced by students continues to widen, leaving the future of the loan program in uncertainty.
