The Nigerian Ministry of Education has launched an investigation into alleged unauthorized deductions from student loans disbursed through the Nigeria Education Loan Fund (NELFUND). This move is part of the National Education Sector Reform Initiative (NESRI), which prioritises governance and transparency. The Ministry has assured the public that anyone found guilty will face appropriate sanctions.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is also probing the issue. Reports suggest that out of ₦203.8 billion allocated to NELFUND, only ₦44.2 billion has been disbursed, with ₦71.2 billion unaccounted for. At least 51 tertiary institutions are accused of deducting ₦3,500 to ₦30,000 from student disbursements without authorisation.
In response, the Centre for Anti-Corruption and Open Leadership (CACOL) has called on the Ministry of Education, EFCC, and ICPC to ensure transparency, refund affected students, and prevent further abuse. However, NELFUND has denied the allegations, stating that approved institutions were not involved and that the Fund was not consulted in the reporting.
The matter remains under investigation.
