The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a full-scale investigation into alleged financial discrepancies in the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND).

According to a statement released on Thursday, May 1, 2025, by ICPC spokesperson Demola Bakare, while the Federal Government approved and released N100 billion for student loans, only N28.8 billion was actually disbursed to students across various tertiary institutions.

The startling revelation has prompted the ICPC to invite several top government officials for questioning, including the Director-General of the Budget Office, the Accountant-General of the Federation, and senior officials of the Central Bank of Nigeria. Also invited were the Chief Executive Officer and Executive Director of NELFUND.

The Commission’s action comes on the heels of a damning media report which alleged that at least 51 tertiary institutions were involved in illegal deductions ranging from N3,500 to N30,000 from students’ institutional fees received via the loan fund.

ICPC says its Chairman’s Special Task Force swiftly swung into action, dispatching letters of investigation and initiating interviews with the stakeholders. Responses received have reportedly been under critical analysis as part of ongoing investigations.

At the heart of the matter is the missing N71.2 billion—a significant chunk of funds that is yet to be accounted for.

As investigations continue, all eyes are on the ICPC to get to the bottom of the alleged exploitation and financial malpractice surrounding the student loan scheme meant to ease access to education.

Stay with Gist Reports for more updates on this developing story.