The Nigerian Education Loan Fund (NELFUND) has firmly denied allegations that ₦71.2 billion is missing or unaccounted for from the student loan scheme. This clarification follows earlier reports suggesting discrepancies in the disbursement of funds.
NELFUND emphasized that no funds have been mismanaged, stolen, or are unaccounted for under the current student loan scheme. The agency operates a fully automated, zero-human-interface system that ensures all transactions are digitally tracked, timestamped, and verifiable. According to NELFUND, institutional fees are paid directly to verified institutions, while upkeep allowances are disbursed to the verified bank accounts of eligible student applicants. They also clarified that the figures currently being misrepresented in the public domain pertain to different education financing interventions that predate NELFUND’s operational commencement in 2024 and bear no relevance to the current student loan scheme .
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) initially reported that out of the ₦100 billion released by the Federal Government for the student loan scheme, only ₦28.8 billion had been disbursed to students, leaving ₦71.2 billion unaccounted for. However, the ICPC later issued a clarification, stating that a typographical error in their earlier press release led to the omission of the word “NOT,” which created the erroneous impression that discrepancies or diversion had been established. The commission clarified that, at this stage of the investigation, no cases of diversion or discrepancies have been found, and the investigation would need to extend to beneficiary institutions and individual student recipients before any reasonable deductions could be made .
While NELFUND maintains that all funds are accounted for, the ICPC has indicated that investigations will now focus on tertiary institutions and student beneficiaries. This decision follows reports alleging that some institutions made unauthorized deductions from student fees disbursed through the loan fund. The ICPC has invited key stakeholders, including NELFUND’s CEO and officials from the Central Bank of Nigeria, for questioning as part of the ongoing probe .
As of now, there is no evidence to support claims that ₦71.2 billion is missing from the student loan scheme. Both NELFUND and the ICPC have clarified their positions, and investigations are ongoing to ensure transparency and accountability in the disbursement of student loans.