The House of Representatives has launched an investigation into alleged irregularities surrounding the disbursement of student loans by the Nigerian Education Loan Fund (NELFUND). Concerns raised include claims of fund diversion, non-compliance with regulations, and unethical practices.

A Joint Committee of the House, chaired by the Committee on Student Loans, Scholarships, and Higher Education Financing, is leading the inquiry following a resolution passed in May. The committee has given the Central Bank of Nigeria, the Ministers of Finance and Education, and other involved agencies a 48-hour deadline to submit their memoranda.

The National Orientation Agency (NOA) has also weighed in, condemning the alleged misconduct and describing it as sabotage against both citizens and government efforts to improve access to education. However, the investigative hearing opened with several key stakeholders conspicuously absent. 

Lawmakers stressed that the student loan scheme must not be undermined by administrative failings, regulatory lapses, or deliberate abuse of process. During a technical session, the Committee raised questions about the sudden disappearance of NELFUND’s Director of Finance and criticized the agency’s failure to submit key documents to support its reported appropriations and expenditures.

According to Akintunde Sawyerr, Managing Director of NELFUND, the agency has so far received a total of N203 billion comprising N10 billion from budgetary appropriation, N143 billion from TETFUND, and N50 billion recovered by the EFCC as proceeds of crime.