EFCC, ICPC to Chase Student Loan Fraud as ₦73bn Disbursed Nationwide

The Federal Government has announced the formation of a high-level committee comprising top anti-graft agencies and financial regulators to monitor the disbursement of student loans under the Nigerian Education Loan Fund (NELFUND) scheme.

The committee—made up of representatives from the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Federal Ministry of Education—is tasked with ensuring transparency, accountability, and proper utilisation of the funds.

Speaking on Monday, the Director of Corporate Communications at NELFUND, Oseyemi Oluwatuyi, confirmed the creation of the Disbursement Oversight Committee. According to him, the move reflects the Fund’s commitment to preventing mismanagement and ensuring equity in the student loan programme.

“In its ongoing commitment to transparency and accountability, NELFUND has set up a Disbursement Oversight Committee comprising independent representatives from the Federal Ministry of Education, CBN, EFCC, and ICPC,” Oluwatuyi said.
“The committee is tasked with monitoring disbursements to ensure integrity, equity, and effective utilisation of public funds in the implementation of the student loan scheme.”

According to newly released data from NELFUND, over ₦38.2 billion has been disbursed to 206 higher institutions across the country as institutional charges. In addition, ₦34.8 billion has been paid directly to students as monthly upkeep stipends, bringing the total disbursement figure to over ₦73 billion.

So far, the number of students benefiting from the scheme stands at 366,247.

This development comes as public interest and scrutiny intensify around the management of the recently launched student loan scheme, following its high-stakes rollout and the significant volume of funds involved.