Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated an investigation into alleged discrepancies in the disbursement of student loans under the Nigeria Education Loan Fund (NELFund).
Gatekeepers News reports that this follows a recent report alleging that 51 tertiary institutions were unlawfully deducting sums ranging from N3,500 to N30,000 from students’ institutional fees.
Demola Bakare, ICPC spokesperson in a statement on Thursday, revealed that preliminary findings have revealed a significant gap in the financial records of the disbursement process.
He noted that of the N100 billion released by federal government for the scheme, only N28.8 billion was disbursed to students, leaving an unaccounted sum of N71.2 billion.
Bakare noted that ICPC’s special task force immediately began its investigation upon receiving the report and has issued investigation letters and invitations to key stakeholders.
Those concerned include Director General of the Budget Office, Accountant General of the Federation, senior officials of Central Bank of Nigeria, and NELFund’s Managing Director, Akintunde Sawyerr, who has been asked to present relevant documents and clarifications.
The ICPC spokesperson noted that the total money received by NELFund as of March 19, 2024, was N203.8 billion.
The statement reads, “The breakdown showed that N10 billion was an allocation from the Federation Allocation Account Committee, N50 billion was from the Economic and Financial Crimes Commission, N71.9 billion was from the Tertiary Education Trust Fund, while another N71.9 billion was also from the same Tertiary Education Trust Fund.”
“The ICPC found that the total amount disbursed to institutions from inception to date is about N44,200,933,649.00, with 299 institutions having benefited from the funds released. To date, the total amount disbursed to 299 beneficiary institutions stands at approximately N44.2 billion, with 293,178 students having benefited from the fund.”
“The ICPC confirmed that a clear case of discrepancies has been established in the administration of the student loan scheme and announced that its investigation will now extend to beneficiary institutions and individual student recipients.”
