The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is actively investigating the misuse of student loan funds provided through the Nigeria Education Loan Fund (NELFUND). This follows a revelation that only ₦28.8 billion of the ₦100 billion allocated for student loans reached students in various higher institutions. The investigation was prompted by media reports accusing 51 universities of improperly deducting between ₦3,500 and ₦30,000 from student loan amounts. Preliminary findings revealed a ₦71.2 billion shortfall in disbursements.
ICPC has initiated an inquiry into the matter, sending investigation letters to key officials, including the Director General of the Budget Office and senior representatives of the Central Bank of Nigeria. The task force is examining responses and conducting interviews with those involved.
As of March 19, 2024, NELFUND received ₦203.8 billion, with ₦44.2 billion of this sum allocated to 299 institutions, benefiting over 293,000 students. Despite the large funding, irregularities in the loan disbursement process have been identified. The investigation now extends to both educational institutions and individual student recipients, with further updates expected as the inquiry continues.
