Big palava don burst for the Nigeria Education Loan Fund (NELFUND). As government dey praise say dem don spend over ₦150 billion to help 788,000 students, investigative findings and probe by anti-graft agency raise serious questions about how money waka for the scheme.
Wetin NELFUND suppose do
NELFUND na federal student loan wey start 2024. E dey give interest-free loans wey cover 100% institutional fees plus ₦20,000 monthly upkeep. Applicants must get NIN, BVN, JAMB number and admission letter. Portal for 2025/2026 cycle still open till 31 January 2026.
On paper, na correct idea: zero interest, no guarantor, institutional fees go direct to school, upkeep go straight bank account. But make we look wetin really happen.
Two different stories — FG vs ICPC
For 22 December 2025, Minister of Information, Alhaji Mohammed Idris, tell journalists for Abuja say government don spend over ₦150bn for 788,000 students under NELFUND.
But for May 2025, Independent Corrupt Practices Commission (ICPC) begin investigation after media report. ICPC preliminary findings talk say while government reportedly released ₦100bn, only ₦28.8bn actually reach students — leaving ₦71.2bn unaccounted for (that figure na from original allegation). Later, ICPC say total money received by NELFUND as of 19 March 2023 na ₦203.8bn, and out of that about ₦44,200,933,649.00 (~₦44.2bn) don reach 299 institutions and 293,178 students. By simple difference, about ₦159.6bn remain waiting — but ICPC no directly call this “missing”; dem only confirm discrepancies exist and investigation still dey.
Allegations wey ICPC dey probe
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Media report say 51 institutions dey do unauthorised deductions from student fees — deductions range from ₦3,500 to ₦30,000 per student.
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National Orientation Agency allege some schools + banks collude to delay payments so dem fit benefit.
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ICPC don send investigation letters to top offices — Budget Office, Accountant-General of the Federation, Central Bank of Nigeria, and top NELFUND officials — to produce documents and explain transactions.
Students and unions dey vex
National Association of Nigerian Students (NANS) warn say dem go mobilise protests nationwide if government no recover alleged missing funds. NANS PRO Samson Adeyemi call the ₦71.2bn (original figure from report) “a betrayal of public trust” and demand urgent action.
Academic Staff Union of Universities (ASUU) also hail the probe. ASUU President Prof. Victor Osodeke say dem no surprise — university teachers don warn since beginning that scheme fit become opportunity for corruption.
Government say one thing, records show another
The Minister of Education, Dr. Tunji Alausa, schedule meeting with vice-chancellors and NELFUND MD on 6 May 2025 to investigate alleged fraud. ICPC confirm interviews and document review dey go on. Yet the December statement by Information Ministry claiming ₦150bn spent to 788,000 students sit side-by-side with ICPC figures saying only ~₦44.2bn disbursed to institutions (as per ICPC audit point). Nigerians need clear reconciliation of these numbers.
System problems wey dey make wahala
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Private schools excluded: Only public federal/state institutions qualify — private students left out.
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Institution upload dependence: If school no quickly upload student data for Student Verification System (SVS), application fit cancel.
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Strict documentation: Name mismatch across NIN, BVN, school records dey cause many rejections.
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Repayment worries: Global Standing Instruction (GSI) mean 10% deduction at source for employed beneficiaries, or 10% of monthly profits for self-employed — enforcement fit stress small-business grads.
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Sustainability doubts: Fund heavy dey depend on government money (FIRS, TETFund etc.), so scalability remain question as more students apply.
What students must watch and do
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Check the official NELFUND portal before 31 Jan 2026 and confirm your NIN, BVN, JAMB and admission letter match.
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Keep bank statements and any proof of disbursement. If school collect money, demand receipt.
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Join NANS or local student union updates — dem dey organise and demand accountability.
Final word: Transparency or wahala?
NELFUND fit be game-changer if na true money dey reach students. But right now, conflicting figures, unauthorised deductions, and ICPC probe show say serious transparency and governance problem dey. Government claim of ₦150bn spent no fit just close eye on ICPC findings of discrepancies without clear public reconciliation.
If you study for Lagos, Abuja, Port Harcourt, Enugu or anywhere for Nigeria, this matter affect your campus. Make authorities show all receipts, publish full audit, and if corruption dey, make law catch dem — students future no be play.
