The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered a significant financial discrepancy in the disbursement of funds meant for students in Nigerian tertiary institutions under the Nigeria Education Loan Fund (NELFUND).
According to ICPC spokesperson Demola Bakare, preliminary investigations revealed that only N28.8 billion out of the N100 billion released by the Federal Government reached the intended student beneficiaries. This leaves an unaccounted sum of N71.2 billion allegedly diverted by university administrators entrusted with the funds.
The commission has summoned key stakeholders for questioning, including the Director-General of the Budget Office, the Accountant-General of the Federation, senior officials from the Central Bank of Nigeria, and executives of NELFUND. They are expected to provide documentation and explanations to clarify the discrepancies.
The investigation follows public concern raised by the Director-General of the National Orientation Agency, Lanre Issa-Onilu, who alleged attempts by some universities to sabotage the Tinubu administration’s student loan initiative. He claimed that 51 tertiary institutions were involved in unauthorized deductions from student loan disbursements, with some institutions reportedly charging students between N3,500 and N30,000 in illegal fees.
Providing further details, Bakare noted that NELFUND had received a total of N203.8 billion as of March 19, 2024, sourced from the Federation Allocation Account Committee (N10 billion), the Economic and Financial Crimes Commission (N50 billion), and two separate disbursements from the Tertiary Education Trust Fund totaling N143.8 billion.
Despite these allocations, ICPC investigations found that only N44.2 billion had been disbursed to 299 institutions, benefiting 293,178 students. The commission emphasized that significant discrepancies exist and vowed to expand its probe to both institutions and individual student recipients.
Bakare affirmed that those found guilty will be held accountable, adding that the ICPC will continue to provide updates as the investigation unfolds.
