NANS Protest Alleged Mismanagement of NELFUND, Block Lagos-Ibadan Expressway
Vehicular movement along the ever-busy Lagos-Ibadan Expressway was brought to a standstill on Monday as members of the National Association of Nigerian Students (NANS) staged a protest over the alleged mismanagement of N100 billion allocated to the Nigeria Education Loan Fund (NELFUND).
The demonstration, which saw students blocking both lanes near the Redeemed Christian Church of God (RCCG) Camp, caused heavy traffic gridlock lasting over an hour, leaving commuters stranded and sparking widespread reactions.
Addressing the press during the protest, NANS National Vice President for Inter-Campus and Gender Affairs, Akinbodunse Sileola Felicia, and Ogun State Chairman of NANS, Gabriel Abiola Francis, jointly explained that the protest aimed to draw the attention of President Bola Ahmed Tinubu to what they described as massive irregularities in the student loan disbursement process.
According to the student leaders, the protest was prompted by recent findings from the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which revealed troubling discrepancies in the management of NELFUND.
In a statement released last Thursday, ICPC spokesperson Demola Bakare confirmed the launch of a full-scale investigation into the fund’s operations. Preliminary findings indicate that out of the N100 billion reportedly allocated, only N28.8 billion reached the intended student beneficiaries—leaving a staggering N71.2 billion unaccounted for.
The ICPC also disclosed that 51 tertiary institutions were implicated in unauthorized deductions ranging from N3,500 to N30,000 from institutional fees meant to be covered by the loan.
Further investigations revealed that NELFUND had actually received a total of N203.8 billion as of March 19, 2024, including N10 billion from the Federation Allocation. In response, the ICPC’s Chairman’s Special Task Force has invited key stakeholders—among them the Director General of the Budget Office, the Accountant General of the Federation, officials from the Central Bank of Nigeria, and top NELFUND executives—for documentation and interviews.
NANS has vowed to continue its advocacy until accountability is ensured and justice is served for the Nigerian student population.