ICPC Investigates Alleged N71.2 Billion Discrepancy in Student Loan Disbursements

Abuja, Nigeria – May 2, 2025 — The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated an investigation into alleged discrepancies in the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND). Preliminary findings indicated that while the Federal Government reportedly released ₦100 billion for the scheme, only ₦28.8 billion was disbursed to students, leaving ₦71.2 billion unaccounted for .

However, the ICPC later clarified that this assertion was due to a typographical error in their earlier statement. The commission emphasized that no discrepancies have been established at this stage and that the investigation is ongoing .

In response to the initial findings, the ICPC dispatched letters of investigation and invitations 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. Additionally, the Chief Executive Officer and Executive Director of NELFUND were invited to provide documentation and explanations relevant to the case .

The investigation was prompted by reports alleging that over 51 tertiary institutions made unauthorized deductions ranging from ₦3,500 to ₦30,000 from each student's institutional fees received through the loan fund .

The ICPC has stated that its investigation will now extend to beneficiary institutions and individual student recipients to ensure transparency and accountability in the administration of the student loan scheme .

The Federal Ministry of Education has expressed deep concern over the allegations and has scheduled an urgent meeting on May 6, 2025, with the vice-chancellors of the affected universities and the Managing Director of NELFUND to thoroughly investigate the matter .

NELFUND has welcomed the scrutiny and affirmed its commitment to transparency and accountability in the administration of the student loan scheme .

The ICPC has assured the public that further updates will be provided as the investigation progresses.