ICPC uncovers ₦71.2bn discrepancy in student loan disbursement - NELFUND reacts

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) revealed that ₦71.2 billion out of ₦100 billion allocated for Nigerian student loans has not been disbursed to beneficiaries.
Preliminary investigations found only ₦28.8 billion was given directly to students, with allegations of unauthorized deductions by 51 tertiary institutions.
ICPC is extending its probe to schools and individual recipients amid concerns over mismanagement of the Nigeria Education Loan Fund (NELFUND) allocations.
NELFUND denied any misappropriation, stating its processes are fully automated and transparent.
The investigation has raised broader concerns about accountability in public financial support programs under the Tinubu administration.