The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered major discrepancies in the management of Nigeria’s student loan scheme, revealing that over N71 billion from the Nigeria Education Loan Fund (NELFUND) is unaccounted for.
According to preliminary findings, only a small portion of the N100 billion allocated to the scheme can be traced, raising serious concerns about financial mismanagement and potential fraud.
The ICPC has now launched a full-scale investigation into the operations of both beneficiary institutions and individual student recipients.
Central to the probe are allegations that at least 51 tertiary institutions made illegal deductions and exploited the loan process through systemic irregularities.
To strengthen the investigation, the commission is working closely with the Budget Office and the Central Bank of Nigeria (CBN) to track the movement of funds and identify gaps in accountability.
A senior ICPC official, speaking anonymously, confirmed that recovery efforts are underway and that prosecutions may follow depending on the outcome of the probe.
The revelations have sparked public concern and placed a spotlight on NELFUND’s credibility, casting doubt on the integrity and future of the student loan program.
