The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a full investigation into alleged financial irregularities in the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND).
According to a statement released on Thursday by ICPC spokesperson, Demola Bakare, the move follows a recent media report alleging that 51 tertiary institutions made unauthorized deductions ranging from N3,500 to N30,000 from students’ institutional fees sourced from the loan fund.
Preliminary findings by the Commission revealed that while the Federal Government reportedly released N100 billion for the scheme, only N28.8 billion was disbursed to students, leaving a significant balance unaccounted for. Further scrutiny uncovered that as of March 19, 2024, NELFUND had actually received N203.8 billion from various sources, including FAAC, EFCC, and TETFund.
The ICPC disclosed that about N44.2 billion had so far been disbursed to 299 institutions, benefiting over 293,000 students. A clear case of discrepancies has been identified, prompting the Commission to widen its probe to cover beneficiary institutions and individual student recipients.
The Commission assured the public that updates on the investigation will be provided as it progresses, reaffirming its commitment to promoting transparency and accountability.
