The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has commenced an investigation into a staggering N71.2 billion discrepancy in the disbursement of funds under the Nigeria Education Loan Fund (NELFUND).
The commission’s Director of Public Enlightenment and Education, Demola Bakare, disclosed this in a statement on Thursday in Abuja, noting that preliminary findings uncovered major irregularities in the financial records of the student loan scheme.
According to Bakare, while the Federal Government reportedly released N100 billion for the implementation of the students loan initiative, only N28.8 billion was confirmed to have reached student beneficiaries, raising concerns over the whereabouts of the remaining N71.2 billion.
“In light of the discrepancies identified in the administration of the student loan scheme, the Commission has broadened the scope of its investigation to cover beneficiary institutions and individual student recipients,” Bakare said.
The development followed a media report alleging that at least 51 tertiary institutions had been involved in unauthorised deductions ranging from N3,500 to N30,000 from student loans processed through NELFUND.
In response to the revelations, the ICPC’s Chairman’s Special Task Force reportedly issued investigative queries and invitations to key officials including the Director-General of the Budget Office, the Accountant General of the Federation, and senior executives from the Central Bank of Nigeria.
Top management of NELFUND, including its Chief Executive Officer and Executive Directors, were also invited to provide documentation and explanations.
Further analysis revealed that as of March 19, 2024, NELFUND had received a total of N203.8 billion in funding from various sources.
These included N10 billion from the Federation Allocation Account Committee, N50 billion from the Economic and Financial Crimes Commission (EFCC), and N71.9 billion twice from the Tertiary Education Trust Fund (TETFund).
Despite these inflows, only about N44.2 billion had been disbursed to 299 tertiary institutions, benefitting 293,178 students to date.
The ICPC said it is continuing its investigation and will ensure that all individuals or institutions found culpable are held accountable.
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