The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered a major financial discrepancy in the disbursement of funds under the Nigeria Education Loan Fund (NELFUND), revealing that N71.2 billion out of a total N100 billion released for student loans was diverted by university managements.
Speaking during a media briefing in Abuja, ICPC spokesman Demola Bakare disclosed that preliminary investigations indicate widespread mismanagement of funds, with only N28.8 billion reaching students across various tertiary institutions.
This revelation follows alarms raised by Lanre Issa-Onilu, Director-General of the National Orientation Agency, who accused 51 institutions of illegal deductions and undermining the federal government’s student loan initiative.
The ICPC confirmed that high-ranking officials from the Central Bank of Nigeria, NELFUND, the Budget Office, and the Accountant General’s Office have been invited for questioning. A detailed breakdown of NELFUND’s receipts showed a total of N203.8 billion as of March 19, 2024, sourced from various government agencies, including TETFUND, FAAC, and the EFCC.
As of now, N44.2 billion has been disbursed to 299 tertiary institutions, benefiting over 293,000 students. However, the commission stated that “a clear case of discrepancies” exists and investigations will now extend to institutions and individual recipients.
The ICPC pledged to provide continuous updates and hold those responsible accountable as the probe deepens.
