The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a probe into disparities in student loan payments following claims that ₦71 billion has gone missing from the system.
Following allegations that certain institutions were engaging in unlawful deductions and exploitations pertaining to the student loan program under the Nigeria Education Loan Fund (NELFund), the ICPC took action.
The ICPC launched an investigation after it was claimed that the schools had unlawfully deducted between ₦3,500 and ₦30,000 from each student’s institutional fees that were paid through NELFUND.
The ICPC in a statement issued on Thursday by its spokesperson, Demola Bakare said, “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),”
“Previous 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 N71.2 billion” it added.
This action comes in response to a recent media report that claimed 51 tertiary institutions were involved in unlawful deductions and exploitation relating to the NELFUND scheme.
It was claimed that these institutions unlawfully withheld between N3,500 and N30,000 from the institutional fees paid to each student via the loan fund.
An important gap in the disbursement process’s financial records was discovered by previous reports. According to reports, the Federal Government released N100 billion for the program; however, only N28.8 billion of the amount was distributed to pupils, leaving N71.2 billion unaccounted for.
The ICPC claims that its thorough investigation showed that as of March 19, 2024, NELFUND had collected N203.8 billion in total.
However, the commission discovered that 299 universities have benefited from the monies provided, and that the total amount disbursed to institutions from the beginning to the present is approximately N44,200,933,649.00.
Following this, the NELFUND’s executive director and chief executive officer have been asked to submit case-related documents and justifications.
Join Our Social Media Channels:
WhatsApp: NaijaEyes
Facebook: NaijaEyes
Twitter: NaijaEyes
Instagram: NaijaEyes
TikTok: NaijaEyes
