The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a full-scale investigation into the Nigeria Education Loan Fund (NELFUND) after uncovering major discrepancies in the disbursement of student loans — with ₦71.2 billion reportedly unaccounted for.
This revelation comes amid reports that over 50 tertiary institutions may have engaged in illegal deductions from students’ institutional fees funded through the NELFUND loan scheme.
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In a statement issued Thursday by ICPC spokesperson Demola Bakare, the Commission confirmed that preliminary findings indicate that although the Federal Government released ₦100 billion for the loan initiative, only ₦28.8 billion was actually disbursed to students.
“A significant gap in the financial records of the disbursement process has been discovered,” the statement read. “This gap raises serious concerns about the integrity of the scheme.”
The probe follows allegations that some institutions charged illegal levies ranging from ₦3,500 to ₦30,000 on students’ accounts, which were supposed to be fully covered by NELFUND. These actions prompted the ICPC to activate its Chairman’s Special Task Force to conduct a deeper investigation.
Funds Tracked, Institutions Under Scrutiny
According to the ICPC, NELFUND received ₦203.8 billion as of March 19, 2024. The breakdown includes:
- ₦10 billion from the Federation Allocation Account Committee
- ₦50 billion from the Economic and Financial Crimes Commission (EFCC)
- ₦71.9 billion (twice) from the Tertiary Education Trust Fund (TETFUND)
Despite this, only about ₦44.2 billion has been disbursed to 299 institutions, benefitting approximately 293,178 students nationwide.
The anti-graft body has already sent letters of investigation to key government agencies, including the Budget Office, the Accountant General of the Federation, and the Central Bank of Nigeria. It also summoned the Chief Executive and Executive Director of NELFUND for questioning and documentation.
Widening Scope of Investigation
The ICPC says its investigation has now expanded to cover not just institutions, but also individual student recipients. It has vowed to hold all complicit parties accountable and will provide further updates as more information emerges.
This incident adds to growing concerns over financial mismanagement in Nigeria’s education sector and raises urgent questions about transparency in public funding of student welfare programs.
Source: Channels TV
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