The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a full investigation into the ₦71.2 billion missing from the Nigeria Education Loan Fund (NELFUND). The agency revealed that while the Federal Government approved ₦100 billion for disbursement, only ₦28.8 billion was given to students. This major difference raised suspicions of corruption and triggered an urgent response from the ICPC.
Schools accused of illegal deductions from student loan disbursements
The ICPC’s investigation was sparked by reports that several institutions deducted extra charges ranging from ₦3,500 to ₦30,000 from students who received funds through NELFUND. These deductions, which were not authorised by the loan guidelines, have raised concerns of exploitation. The anti-graft agency said it is now looking into the roles of those institutions and individuals who may have diverted public funds meant for students.
ICPC confirms discrepancy and financial mismanagement
Demola Bakare, the ICPC spokesperson, said in an official statement that, “The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has commenced a comprehensive investigation into alleged discrepancies surrounding the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND).” He further added that, “Preliminary findings revealed a significant gap in the financial records of the disbursement process. While the Federal Government reportedly released N100 billion for the scheme, only N28.8 billion was disbursed to students, leaving an unaccounted sum of ₦71.2 billion.”
Student loan system under scrutiny
This ongoing probe raises serious questions about transparency and accountability in the student loan disbursement system in Nigeria. As the ICPC digs deeper, affected students, educational institutions, and stakeholders await justice and full disclosure. The demand is clear: every kobo of public money must be accounted for, and anyone found guilty of diverting education funds should face the law.
