What’s really happening with Nigeria’s student loan money?
Just days ago, the Independent Corrupt Practices Commission (ICPC) shook the nation when it announced that N71.2 billion in student loans could not be accounted for. But now, in a surprising U-turn, the same ICPC says “Oops, it was a mistake.”
First They Said the Money Was Missing…
According to the ICPC’s first statement, the federal government released N100 billion to help Nigerian students through the Nigeria Education Loan Fund (NELFUND). But only N28.8 billion had reportedly reached students. That left a shocking N71.2 billion unaccounted for.
Naturally, Nigerians reacted with anger. Social media lit up. Parents, students, and civil society demanded answers. “Where is the money?” became the loud cry.
…Then They Blamed a Typo
Just hours later, the ICPC walked back its bold claim. They blamed a missing word “NOT” in their press release.
Let that sink in: A simple word, they say, flipped the story from ‘discrepancies found’ to ‘discrepancies not found.’
This isn’t a spelling error. This is a national embarrassment. If our top anti-corruption agency can’t get its messaging right, how can Nigerians trust their findings?
So What’s the Real Story?
According to the updated statement, no funds have been confirmed missing yet. ICPC says the investigation is still ongoing and they have not proven any case of fraud or diversion. They admitted their earlier message contradicted itself.
But here’s what we do know:
NELFUND actually received N203.8 billion (more than what was originally reported).
Only N44.2 billion has been given to students so far.
That means over N150 billion is still sitting somewhere or worse, stuck in the wrong hands.
Students Are Being Cheated
And while government agencies are correcting press releases, students are suffering. Reports show that 51 universities and colleges illegally deducted between N3,500 and N30,000 from students after the loans were disbursed.
Some schools and even banks are accused of secretly withholding funds meant for students. Students were not even notified when the funds were released in their names—and still had to pay fees from their pockets.
This is corruption in daylight.
Who Is Being Held Responsible?
The National Association of Nigerian Students (NANS) has raised the alarm. They are threatening nationwide protests and demanding full transparency. They’re not just shouting; they’ve presented hard evidence. They also praised NELFUND’s managing director for admitting that something is wrong.
The House of Representatives Committee on NELFUND has now stepped in. ICPC is promising to check schools, banks, and officials involved. But the real question is—will they act fast, or just release more statements?
Time to Stop the Games
This student loan program was meant to give poor Nigerian students a fighting chance. Instead, it’s turning into a money pit where billions disappear into paperwork, school corruption, and banking loopholes.
What kind of nation tells its young people to apply for loans, only to hand the money to corrupt school officials?
Nigerians are watching. The students are fed up. The government must do more than talk it must take swift, public action.
Bottom Line: From “missing billions” to “just a typo,” this student loan scandal is a mess. ICPC, NELFUND, and the entire government owe Nigerians real answers not excuses.
Reference
STUDENT LOAN SCANDAL: ICPC Backtracks as Nigerians Demand Truth About Missing Billions