The House of Representatives on Thursday officially kicked off its investigation into alleged fund diversions, non-compliance, and unethical practices in the disbursement of the student loan scheme, vowing to unmask anyone found to have violated the scheme.
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Speaking at the opening of a public hearing on the matter, Speaker Tajudeen Abbas said the House would not tolerate the abuse of the well-conceived programme aimed at expanding access to higher education.
“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 said.
The hearing conducted by the House Committee on Student Loans seeks to investigate reports of delayed disbursements, lack of transparency, and possible collusion among key stakeholders, following the adoption of a motion on the floor of the House during plenary.
Citing Sections 88 and 89 of the 1999 Constitution (as amended), Abbas said the House was empowered to investigate the conduct of any authority or agency responsible for implementing laws enacted by the National Assembly.
He stated that the investigation is not a witch-hunt but a deliberate effort to identify weaknesses, correct procedural flaws, and ensure accountability in the management of public funds.
“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.
The Speaker described the Nigerian Education Loan Fund, established through the Student Loans (Access to Higher Education) Act, 2024, as one of the flagship initiatives of President Bola Tinubu’s Renewed Hope Agenda.
According to him, the programme has already processed over 600,000 applications and disbursed more than ₦73bn to tertiary education students across the country.
“This hearing is structured to verify the allegations, identify institutional or administrative flaws, and recommend appropriate corrective measures, including sanctions where necessary,” he said.
The Chairman of the Committee, Ifeoluwa Ehindero, said the student loan initiative has rekindled hope for thousands of Nigerian families, with tangible results already being recorded.
As of June 30, 2025, the lawmaker said ₦73.1bn had been disbursed to 366,247 student beneficiaries across federal and state tertiary institutions.
Of this amount, ₦38.26bn was allocated for tuition fees and ₦34.85bn for upkeep allowances, covering 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,” Ehindero said.
In his contribution, the Managing Director of NELFUND, Akintunde Sawyer said the Fund has received over 650,000 registrations with about 2,000 applications processed daily.
He explained that all applications go through a verification process, and funds for successful applicants are paid directly to their respective institutions.
The House Committees are expected to hold further sessions to hear from key institutions, regulators, and affected students as they work toward restoring public confidence in the programme initiated by the President Bola Tinubu-
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