The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a thorough investigation into alleged irregularities in the disbursement of student loans through the Nigeria Education Loan Fund (NELFUND)
In a statement released on Thursday, May 1, 2025, ICPC spokesperson Demola Bakare disclosed that although the Federal Government allocated ₦100 billion for student loans, only ₦28.8 billion reached students across various tertiary institutions.
This investigation was triggered by media reports alleging that 51 tertiary institutions were involved in unauthorized deductions and exploitation under the NELFUND scheme. These institutions reportedly deducted between ₦3,500 and ₦30,000 from each student’s institutional fees funded by the loan.
Preliminary findings uncovered a significant shortfall in the disbursement process, with ₦71.2 billion unaccounted for. In response, the ICPC’s Chairman’s Special Task Force initiated an immediate inquiry.
“Letters of investigation and invitations were dispatched to key stakeholders, including the Director General of the Budget Office, the Accountant General of the Federation, and senior officials from the Central Bank of Nigeria,” the statement read.
The ICPC has confirmed that discrepancies in the administration of the student loan scheme have been established. The investigation is now being extended to both beneficiary institutions and individual student recipients.
“Further updates will be provided as the investigation progresses,” the statement added.
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