The National Orientation Agency (NOA) has intensified efforts to address alleged irregularities in the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND).
Investigations have uncovered instances where some universities and banks reportedly withheld or delayed approved loan disbursements, raising concerns about transparency and accountability in the scheme.
The student loan initiative, re-enacted by President Bola Tinubu on April 3, 2024, aims to provide financial support to Nigerian students pursuing higher education.
Since its rollout in May 2024, NELFUND has disbursed over ₦45.1 billion in student loans as of March 25, 2025.
However, reports indicate that some institutions and financial entities may compromise the program’s integrity.
Findings suggest that in collaboration with banks, certain universities have failed to credit students’ accounts despite receiving funds from NELFUND.
In some cases, students were compelled to pay fees out of pocket, even after loan approvals.
In response, NOA has directed its state offices to gather student feedback and closely monitor the loan disbursement process.
The agency has warned that any institution found culpable will face disciplinary and legal consequences.
NOA’s Director General, Mallam Lanre Issa-Onilu, emphasised the agency’s commitment to safeguarding the future of education in Nigeria.
The Lagos State Directorate of NOA has proactively engaged the public through media platforms.
On April 15, 2025, Lagos NOA Director, Dr. Mustafa Adedeji Tukur, addressed the issue during a live radio programme on Bond FM 92.9, reaffirming the government’s zero-tolerance stance on corruption and assuring swift action against violators.
Furthermore, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated a comprehensive investigation into the alleged discrepancies surrounding the disbursement of student loans.
Preliminary findings revealed that while the federal government reportedly released ₦100 billion, only ₦28.8 billion was disbursed to students, leaving ₦71.2 billion unaccounted for.
The ICPC has extended its investigation to beneficiary institutions and individual student recipients.
NELFUND Managing Director Akintunde Sawyerr has expressed the agency’s readiness to pursue legal action against any institution found guilty of mismanaging public funds.
He reiterated that institutions failing to credit students must be held accountable.
As the probe continues, NOA and NELFUND have called on all stakeholders to support efforts to eliminate corruption and promote equitable access to education in Nigeria.
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