From Adanna Nnamani, Abuja
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a comprehensive investigation into discrepancies in the Nigeria Education Loan Fund (NELFUND) student loan disbursements.
ICPC spokesperson Demola Bakare made the announcement in a statement on Thursday.
The probe follows reports implicating 51 tertiary institutions in unauthorised deductions of N3,500 to N30,000 from students’ institutional fees funded by NELFUND. Bakare stated, “Preliminary findings revealed a significant gap in the financial records of the disbursement process.”
While the federal government reportedly allocated N100 billion, only N28.8 billion reached students, leaving N71.2 billion unaccounted for.
The ICPC’s Chairman’s Special Task Force acted swiftly, inviting stakeholders, including the Director General of the Budget Office, the Accountant General of the Federation, Central Bank of Nigeria officials, and NELFUND’s CEO and Executive Director for documentation and interviews.
The investigation revealed NELFUND received N203.8 billion as of March 19, 2024, comprising N10 billion from the Federation Allocation Account Committee, N50 billion from the Economic and Financial Crimes Commission, and two N71.9 billion tranches from the Tertiary Education Trust Fund.
However, only N44.2 billion was disbursed to 299 institutions, benefiting 293,178 students. Bakare noted, “The ICPC confirmed that a clear case of discrepancies has been established,” and the probe will now extend to institutions and individual recipients. Updates will follow as the investigation progresses.