Student Loan: CSOs raise concern over accountability, transparency (2024)

Ahead of the commencement of the student loan fund in Nigeria, civil society organisations under the Coalition Against Corruption and Bad Governance (CACOBAG) have emphasised the need for accountability in the implementation of the scheme.

The group in a meeting at the University of Lagos (UNILAG) with the management of the Nigerian Education Loan Fund (NELFUND) on Wednesday deliberated on the sustainability of the scheme and measures to ensure transparency in the management of the funds.

In his reactions, the Managing Director of NELFUND, Akintunde Sawyerr, said the scheme has been designed in a way that it would be difficult to “siphon funds meant for the students.”

Mr Sawyerr said “Stealing from children is a taboo”, adding that there are measures in place to ensure that the allocated funds for the scheme are efficiently utilised.

The founder of the Nigeria Network of NGOs, Yemisi Ransome-Kuti, noted that “lack of transparency leads to corruption” as she charged the NELFUND management to ensure that the funds truly serve indigent students.

Ms Ransome-Kuti added that instead of criticising the government, CSOs are now focusing their energy on scrutinising the government initiatives through engagements and collaborations.

Catalyst for development

Also speaking, the Chairperson of CACOBAG, Toyin Raheem, said the student loan is a “catalyst for development” that will transform the lives of beneficiaries if properly utilised.

Mr Raheem underscored the importance of stakeholder engagement and partnerships to ensure that indigent students are not sidelined and to establish a framework for monitoring and evaluating the system.

Meanwhile, the government recently launched a mobile application that allows citizens to track the activities and performance of ministries and government agencies using their deliverables and key performance indicators.

The mobile application, which is tagged: “Citizens’ Delivery Tracker,” was unveiled by the office of the Special Adviser to the President on Policy and Coordination and Head of the Central Coordination Delivery Unit (CDCU), Hadiza Usman on 8 April.

It was also suggested at the meeting the need to collaborate with the National Orientation Agency (NOA) to sensitise and orientate the students on the scheme and how to maximise the opportunity instead of seeing the loan as a “national cake.”

Scholarships, vocational skills

In his comments, a former accountant at Chevron, Vincent Bakare, commended the initiative but pleaded that the repayment scheme shouldn’t be problematic for the students.

He noted that education is a fundamental human right and instead of the loans, scholarships would have been perfect.

“Why don’t we have a scholarship? Nigeria sent me to London to study many years ago, but now with the problems we have such as corruption, and looting, scholarships have disappeared in the country,” he said.

Reacting to the comments, the NELFUND MD noted that there are a lot of existing federal and state government scholarships based on academic performance.

“But with the student loan, people who are only interested in vocational skills can also benefit from it. It is an opportunity for all to learn something and be successful,” he said.

“We are empowering applicants to decide the right school and courses. The loan is open for all and we are going to ensure it is well utilised.”

Ms Ransome-Kuti suggested that NELFUND should list other sources of funding like the available scholarship opportunities for students on its website.

Other clarifications

Mr Sawyerr also responded to other questions bordering on the selection of beneficiaries, requirements and repayment of the loan.

According to him, no fewer than 1.2 million young Nigerians will be selected to benefit from the first tranche of the fund.

On requirements, Mr Sawyer listed that beneficiaries would be required to provide their Joint Admissions and Matriculation Board (JAMB) registration numbers, National Identification Number (NIN), and Bank Verification Number (BVN), among other details, before they can apply for the loan.

He added that existing students who seek to take the loan would need to provide their matriculation details.

READ ALSO:UTME: Police, JAMB warn candidates against patronising fake websites

Speaking further, Mr Sawyerr said, repayment is expected to start two years after the completion of the National Youth Service Corps, NYSC, Scheme.

“A beneficiary can defer repayment if he has not secured a job by then. All he needs to do is to swear an affidavit to that effect and communicate same to us, ” he said.