By Ifeoluwa Odunayo
The Federal Government has raised the alarm over dubious practices by some tertiary institutions and banks in the disbursement of student loans, accusing them of short-changing beneficiaries.
Director General of the National Orientation Agency, Mallam Lanre Issa Onilu, made the revelation after a meeting with the Managing Director of the Nigerian Education Loan Fund, Mr. Akintunde Sawyerr, over the weekend.
Findings by the agency’s Community Orientation and Mobilisation Officers exposed a troubling trend where institutions, in connivance with banks, deliberately delay or conceal information about disbursed loans.
Sawyerr confirmed that while funds have been released to some schools, students are left in the dark, with no updates in their records, even as these institutions continue to demand tuition payments.
Issa Onilu warned that anyone involved in such fraudulent practices would face stiff penalties.
He further directed state directorates of the agency to intensify efforts in gathering nationwide feedback to ensure prompt government action.
The government’s renewed vigilance aims to protect students and uphold transparency in the much needed loan scheme designed to support tertiary education across Nigeria.
