The House of Representatives Committee on Student Loans, Scholarships, and Higher Education Financing has commenced a formal investigation into the disbursement of ₦73.1 billion by the Nigerian Education Loan Fund (NELFUND), pledging transparency and accountability throughout the process.
The committee’s chairman, Hon. Ifeoluwa Ehindero, who represents Akoko North East/North West Federal Constituency, made the disclosure during the opening session of the inquiry held at the National Assembly Complex in Abuja.
The probe stems from a resolution passed by the House on May 28, 2025, following rising public concerns and allegations of irregularities in the execution of the student loan scheme.
“This is not a witch-hunt,” Hon. Ehindero emphasized. “It is a fact-finding exercise to ensure proper oversight of a programme that directly impacts the lives of Nigerian youths and the nation’s future.”
However, the hearing suffered a setback due to the absence of key stakeholders, particularly the Executive Director of Finance and Administration, whose input was deemed essential.
“His absence hindered progress, as most questions were meant for him,” Ehindero noted. “We expect the Managing Director to ensure his appearance at the next session.”
The committee expressed disappointment over the poor attendance and warned that continuous failure to appear could result in sanctions, in accordance with legislative procedures.
Providing insights into the disbursement figures, Ehindero revealed that from January to June 2025, a total of ₦73.1 billion was allocated to over 366,000 students in federal and state tertiary institutions.
Of that sum, ₦38.2 billion went towards tuition, while ₦34.8 billion was used for upkeep allowances.
While commending the Federal Government’s Renewed Hope Agenda for establishing the student loan scheme, he stressed the importance of transparency, proper monitoring, and adherence to due process.
“We are here to ask tough questions and ensure those managing these funds are held accountable.
This is about protecting the educational aspirations of thousands of Nigerian students who depend on this initiative,” he stated.
Ehindero called on NELFUND officials, government agencies, civil society organizations, and the public to support the investigation by providing accurate and timely information.