The House of Representatives has begun an inquiry into suspected misuse of funds and other irregularities surrounding the implementation of Nigeria’s student loan scheme.
During the start of a public hearing held in Abuja on Thursday, Speaker of the House, Tajudeen Abbas, noted that the House would not stand by while a programme designed to support access to higher education is possibly being mismanaged.
“The credibility of the programme and the trust of the Nigerian people in public institutions are at stake. We cannot fold our arms and allow this to be swept under the carpet,” he stated.
The hearing, organized by the House Committee on Student Loans, follows a motion passed during plenary, which raised concerns about slow disbursements, a lack of openness, and suspected cooperation among involved parties to manipulate the process.
Quoting Sections 88 and 89 of the 1999 Constitution (as amended), Abbas pointed out that the National Assembly has the legal right to examine the actions of any agency handling laws made by the legislature.
He further clarified that the aim of the investigation is not to attack anyone personally but to find out where the system is weak, fix the problems, and ensure that public funds are handled responsibly.
“The goal of this House is not to witch-hunt anyone but to ensure that every kobo allocated to support Nigerian students is used judiciously and transparently,” he said.
Abbas described the Nigerian Education Loan Fund (NELFUND), which was established under the Student Loans (Access to Higher Education) Act, 2024, as a major project of President Bola Tinubu’s Renewed Hope Agenda. According to him, over 600,000 applications have been received so far, and more than ₦73 billion has already been disbursed to students in tertiary institutions across Nigeria.
“This hearing is structured to verify the allegations, identify institutional or administrative flaws, and recommend appropriate corrective measures, including sanctions where necessary,” Abbas added.
Committee Chairman Ifeoluwa Ehindero also spoke at the event, noting that the student loan initiative has brought relief to thousands of Nigerian households, with visible improvements already being seen.
As of June 30, 2025, Ehindero said ₦73.1 billion had been given out to 366,247 students from both federal and state institutions. He shared that ₦38.26 billion was used for tuition, while ₦34.85 billion covered upkeep costs for students in over 206 institutions.
“We are not out to witch-hunt anyone. Our objective is to ensure prudent accountability, improve the disbursement process, and add value to all stakeholders,” he said.
Also speaking, NELFUND Managing Director Akintunde Sawyer said the fund has received over 650,000 registrations and is currently processing about 2,000 applications every day. He explained that each application goes through a review, and approved funds are sent directly to schools.
