The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered a significant shortfall in the disbursement of student loan funds, revealing that only N28.8 billion out of the N100 billion released by the Federal Government was allocated to students, leaving N71.2 billion unaccounted for.
ICPC spokesman Demola Bakare disclosed this on Thursday in Abuja, alleging that several university administrators entrusted with managing the funds may have diverted large portions of the money.
In response, the ICPC has summoned key officials for questioning, including the Director-General of the Budget Office, the Accountant-General of the Federation, Central Bank of Nigeria representatives, and top executives from the Nigerian Education Loan Fund (NELFUND).
This development comes amid previous accusations by the Director-General of the National Orientation Agency (NOA), Lanre Issa-Onilu, who alleged that more than 51 tertiary institutions undermined the Tinubu administration’s student loan programme by making unauthorised deductions ranging from N3,500 to N30,000 from institutional fees covered by NELFUND.
Bakare confirmed that a full-scale investigation is underway, with the ICPC Chairman’s Special Task Force already examining discrepancies in the financial records. Preliminary findings reveal serious gaps in accountability.
According to the ICPC, NELFUND had received N203.8 billion by March 19, 2024, from multiple sources, including FAAC, EFCC, and TETFUND.
However, only N44.2 billion had been disbursed to 299 institutions, reaching over 293,000 students.
The Commission stated it will expand the investigation to cover the institutions and students involved, and will provide periodic updates as the probe progresses.
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