The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has commenced a comprehensive probe into alleged discrepancies surrounding the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND), amid concerns over an unaccounted sum of N71.2 billion.
The Commission disclosed this in a statement on Thursday, stating that the Chief Executive Officer of NELFUND, Akintunde Sawyerr, officials of the Central Bank of Nigeria, and others have been invited to present their side of the story.
This action follows a recent media report alleging that no fewer than 51 tertiary institutions were implicated in illegal deductions and exploitation related to the NELFUND scheme.
These institutions were accused of making unauthorized deductions ranging from N3,500 to N30,000 from each student’s institutional fees paid through the loan fund.
ICPC Investigation Details
Preliminary findings by the ICPC revealed significant gaps in the financial records of the disbursement process.
- The Commission emphasized that while the Federal Government reportedly released N100 billion for the scheme, only N28.8 billion was disbursed to students, leaving an unaccounted balance of N71.2 billion.
- The Commission confirmed that its Chairman’s Special Task Force immediately swung into action upon receiving the report.
- 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.
“Additionally, the Chief Executive Officer and Executive Director of NELFUND were invited to provide documentation and explanations relevant to the case,” the Commission added.
- The ICPC noted that the responses received were critically analyzed, and interviews were conducted with the individuals concerned.
- According to the Commission, its investigation revealed that the total amount received by NELFUND was N203.8 billion.
“The breakdown showed that N10 billion was an allocation from the Federation Allocation Account Committee, N50 billion came from the Economic and Financial Crimes Commission, and N71.9 billion was received twice from the Tertiary Education Trust Fund,” the statement partly reads.
The ICPC disclosed, however, that the total amount disbursed to institutions from inception to date is N44,200,933,649.00, with 299 institutions having benefited from the released funds.
“To date, the total amount disbursed to 299 beneficiary institutions stands at approximately N44.2 billion, with 293,178 students benefiting from the fund,” the Commission added.
The ICPC maintained that the situation clearly reflects discrepancies in the administration of the student loan scheme.
It further announced that the investigation will now extend to beneficiary institutions and individual student recipients.
The Commission assured that further updates will be provided as the investigation progresses.
What You Should Know
NELFUND was signed into law under the current administration of President Bola Tinubu on April 3, 2024, marking a historic step toward ensuring sustainable higher education and functional skill development for Nigerian students and young people.
The primary objective of NELFUND is to provide financial support to qualified Nigerians for tuition, fees, and living expenses at approved tertiary and vocational institutions within Nigeria.
The fund is governed by a board of directors comprising representatives from relevant ministries, regulatory bodies, and participating agencies—including the Federal Ministries of Finance and Education—while the management team is led by Managing Director Akintunde Sawyerr, who oversees daily operations.
As of February 3, 2025, NELFUND announced it had disbursed a total of N20,074,050,000 in institutional fees, benefiting no fewer than 192,906 students across various tertiary institutions in the country.
The Fund also dismissed reports alleging that over N104 billion had been disbursed under the Student Loan Scheme at the time.
