The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered glaring discrepancies in the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND).
The Commission has launched a comprehensive investigation following a recent media report alleging that no fewer than 51 tertiary institutions were implicated in illegal deductions and exploitation linked to the NELFUND scheme.
These institutions were allegedly making unauthorized deductions ranging from N3,500 to N30,000 from each student’s institutional fees paid through the loan fund.
Preliminary findings revealed significant gaps in the financial records of the disbursement process. Although the Federal Government reportedly released N100 billion for the scheme, only N28.8 billion was disbursed to students, leaving N71.2 billion unaccounted for.
The Commission confirmed that its Chairman’s Special Task Force acted swiftly upon receiving the report.
Investigation letters and invitations were sent to key stakeholders, including the Director-General of the Budget Office, the Accountant-General of the Federation, and senior officials from the Central Bank of Nigeria (CBN). Additionally, the Chief Executive Officer and Executive Director of NELFUND were invited to provide relevant documentation and explanations.
According to the Commission, the responses were critically analyzed, and interviews were conducted with the concerned individuals.
ICPC stated that its investigation revealed NELFUND had received a total of N203.8 billion as of March 19, 2023. The breakdown showed that N10 billion came from the Federation Allocation Account Committee, N50 billion from the Economic and Financial Crimes Commission (EFCC), and N143.8 billion from the Tertiary Education Trust Fund (TETFund).
However, the Commission found that the total amount disbursed to institutions from inception to date was about N44.2 billion, with 299 institutions and 293,178 students benefiting from the fund.
The ICPC confirmed that clear discrepancies have been established in the administration of the student loan scheme and announced that its investigation will now extend to beneficiary institutions and individual student recipients.
Further updates will be provided as the investigation progresses, according to a statement signed by Demola Bakare, Director of Public Enlightenment and Education and spokesperson for the Commission.
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