BY AFOLABI OLANREWAJU
UNIHUB CONNECT TV
In a bid to ensure transparency and accountability in the disbursement of student loans, the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), and the Central Bank of Nigeria (CBN) have officially partnered with the Nigerian Education Loan Fund (NELFUND) and other key stakeholders to monitor how funds are being distributed to Nigerian students.
This major move comes after the disbursement of over ₦73.1 billion to over 366,000 students across 206 tertiary institutions in Nigeria.
💸 Over ₦73 Billion Already Disbursed by NELFUND
According to reports, NELFUND has successfully disbursed:
₦38.2 billion for tuition and institutional charges
₦34.8 billion directly to students as upkeep support
These figures reflect the Federal Government’s commitment to making higher education more accessible for Nigerian students.
🔎 Why the New Oversight?
There have been rising concerns over unauthorized deductions and mismanagement of funds in some institutions. In some cases, students reported that up to ₦30,000 was deducted from their loans without proper explanation.
To address this, a Disbursement Oversight Committee has been formed with representatives from:
EFCC
ICPC
CBN
Federal Ministry of Education
National Universities Commission (NUC)
This committee will monitor, investigate, and ensure that every Kobo disbursed reaches its rightful destination—the students.
🕵️ ICPC Begins Full Investigation into Loan Mismanagement
The ICPC has already launched investigations into allegations of fraud, inflated charges, and improper handling of student loans in over 50 institutions.
They have also raised concerns over discrepancies in how institutions report the funds they receive versus what they actually spend on students.
Institutions found guilty of such misconduct may face sanctions, reimbursements, or even legal actions.
🧑🎓 What This Means for Students
The new oversight means:
✅ Greater transparency and fairness in student loan processing
✅ Protection from illegal deductions or exploitation by institutions
✅ Assurance that loan funds will be used for their intended purpose
📣 What NELFUND Is Saying
NELFUND has pledged to continue disbursing loans to qualified students in public institutions, while working closely with security and regulatory agencies to clean up the system.
More updates are expected as investigations continue and feedback from students is reviewed.
📌 Summary
Key Players Involved Purpose
EFCC & ICPC Investigate fraud and illegal deductions
CBN Monitor and track financial disbursement
NUC & Ministry of Education Ensure policy compliance
NELFUND Continue disbursing loans transparently
Related Post: 📚 National Campus Pulse: Admissions, Scholarships & Institutional Milestones (July 2025)
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