ICPC Probe Reveals Missing ₦71.2 Billion in Nigeria Student Loan Disbursements

ICPC Probes Massive Shortfall in Nigeria Student Loan Scheme

The numbers just don’t add up. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has unearthed a startling ₦71.2 billion discrepancy in the Nigeria Education Loan Fund (NELFUND). Out of a whopping ₦100 billion set aside by the Federal Government to help students pay for higher education, only ₦28.8 billion landed in students’ hands. So, where’s the rest of the money?

That’s the question now rattling Nigeria’s education and financial sectors. A full-blown investigation is underway, looking at everyone from top budget officials to public university administrators. The trail leads to 51 tertiary institutions, where officials reportedly skimmed off amounts ranging from ₦3,500 to ₦30,000 from student fees—the very fees meant to be covered by the loan. For students, these deductions weren't just small change. Some paid extra on top of what the loan should have covered, only to be delayed or left in the lurch by slow-moving payments and outright bureaucratic snags.

Who Is Under the Microscope?

ICPC’s Chairman's Special Task Force jumped into action after media exposés highlighted how students were being exploited and how the loan system appeared bogged down by irregularities and foot-dragging. Now, the investigation’s scope is widening. Heavyweights like the Director General of the Budget Office, the Accountant General of the Federation, bigwigs at the Central Bank of Nigeria, and the NELFUND leadership—including its CEO and Executive Director—are being examined for possible malpractices or oversight failures.

The National Orientation Agency, a government body tasked with public enlightenment, didn’t mince words, accusing some schools and their bank partners of collaborating to siphon off public funds. The National Association of Nigerian Students (NANS), long vocal on issues affecting students, is not sitting on its hands—they are warning of street protests if the government doesn’t come clean and fix what’s broken. For many students, this is not just a numbers game—it’s their future, their ability to stay in school, and their shot at a better life.

The ICPC is now combing through financial ledgers, grilling officials, and following the money trail at both the institutional and individual level. If you ask around on campus, most students are demanding answers. They want to know who’s responsible, how much was really lost, and whether any of that cash will ever find its way back into the hands of students who need it most.

This probe isn’t just about corruption; it’s about trust—trust in a system that was supposed to give Nigerian students a fair shot at higher education but may have instead become another avenue for exploiters. As the investigation unfolds and tension mounts between students, universities, and government agencies, the call for transparency grows louder. Everyone’s waiting to see whether the facts laid bare will lead to reforms—or simply more questions.