The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated a comprehensive investigation into alleged irregularities in the distribution of student loans through the Nigeria Education Loan Fund (NELFUND).
issued on Thursday, May 1, 2025, ICPC spokesperson Demola Bakare revealed that while the Federal Government allocated ₦100 billion for student loans, only ₦28.8 billion has actually reached students across various tertiary institutions.
This investigation was prompted by media reports suggesting that 51 tertiary institutions were implicated in unauthorized deductions and exploitation related to the NELFUND scheme. These institutions reportedly deducted amounts ranging from ₦3,500 to ₦30,000 from each student’s institutional fees that were covered by the loan.
Preliminary findings have uncovered a significant shortfall in the disbursement process, with ₦71.2 billion remaining unaccounted for. In light of this, the ICPC’s Chairman’s Special Task Force has launched an immediate inquiry.
