ICPC Uncovers Alleged Diversion of N71.2bn from Student Loan Fund
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has revealed that a significant portion of the N100 billion meant for student loans may have been misappropriated. According to the agency, only N28.8 billion was actually disbursed to students in tertiary institutions, while the remaining N71.2 billion is currently unaccounted for.
Speaking to the press in Abuja, ICPC spokesperson Demola Bakare confirmed that the commission has launched a probe into the matter. High-level officials, including the Director-General of the Budget Office, the Accountant-General of the Federation, and senior personnel from the Central Bank of Nigeria, have been summoned. Additionally, leaders from the Nigeria Education Loan Fund (NELFUND), including its CEO and Executive Director, were called upon to provide supporting documents.
The probe follows recent allegations raised by the Director-General of the National Orientation Agency, Lanre Issa-Onilu, who accused certain universities of trying to undermine the federal government’s student loan initiative. He pointed out that 51 institutions were involved in unauthorized deductions from student funds, with amounts ranging between N3,500 and N30,000 being withdrawn from each loan disbursement.
In response, ICPC formed a special task force to investigate the claims. Bakare noted that early findings reveal substantial financial discrepancies. While records show that N100 billion was allocated, only a fraction reached the students.
Further breakdowns indicate that as of March 19, 2024, NELFUND had received a total of N203.8 billion, sourced from several agencies: N10 billion from the Federation Account Allocation Committee, N50 billion from the EFCC, and two tranches of N71.9 billion from the Tertiary Education Trust Fund.
Bakare added that the ICPC has already interviewed several stakeholders and reviewed documentation. So far, around N44.2 billion has been disbursed to 299 institutions, benefiting over 293,000 students. However, glaring inconsistencies in the financial trail have prompted the commission to widen the scope of its investigation to include individual student beneficiaries and the management of recipient institutions.
The ICPC has pledged to keep the public informed as the investigation develops and to ensure that anyone found guilty of misconduct will be held
accountable.
