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 that N71.2 billion out of the N100 billion allocated for student loans is unaccounted for.
According to ICPC spokesperson Demola Bakare, the Commission’s Chairman’s Special Task Force swung into action upon receiving credible reports of misappropriation. Letters of investigation and official invitations have been sent to the Director-General of the Budget Office, the Accountant General of the Federation, top Central Bank officials, and the Executive Director of NELFUND to submit relevant documentation and provide explanations.
How much Money was Released to NELFUND for Students Loan?
Preliminary findings revealed that while the Federal Government approved N100 billion for student loans, only N28.8 billion was actually disbursed to students. The remaining N71.2 billion is unaccounted for, with initial investigations pointing to widespread mismanagement by university administrations responsible for fund disbursement.
Further breakdowns indicate that the funding pool included N10 billion from the Federation Allocation Account Committee, N50 billion from the EFCC, and over N143 billion from the Tertiary Education Trust Fund. Despite this, only N44.2 billion has reached 299 institutions, benefiting 293,178 students.
The ICPC confirmed that discrepancies have been clearly established and announced the investigation will now expand to cover both the institutions and individual student recipients involved.
In a related development, the Director-General of the National Orientation Agency, Lanre Issa-Onilu, accused over 50 tertiary institutions of making unauthorized deductions and sabotaging the Tinubu administration’s student loan initiative. He has called on anti-corruption bodies to intensify their probes and ensure accountability.
The ICPC has pledged to follow through with a thorough and transparent investigation to uphold the integrity of the student loan program.
