The House of Representatives yesterday launched an investigation into allegations of fund diversions, non-compliance, and unethical practices in the disbursement process of the Nigerian Education Loan Fund (NELFUND).
The Green Chamber said such infractions threaten to derail the programme, which aims to intervene in the education of Nigerian students.
House Speaker Tajudeen Abbas spoke at the commencement of the probe.
The Speaker said the House cannot afford to allow the student loan initiative to be undermined by administrative inefficiencies, regulatory gaps, or deliberate abuse of process.
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He said: “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 Bola Ahmed 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…”