The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered serious irregularities in the management of the Nigeria Education Loan Fund (NELFUND), revealing that only ₦44.2 billion of the ₦203.8 billion allocated for student loans has been disbursed to date.
This was disclosed in a statement released on Thursday by the Commission’s spokesperson, Demola Bakare. The Commission confirmed it has launched a comprehensive investigation following media reports implicating 51 tertiary institutions in unauthorized deductions and student exploitation under the loan scheme.
According to the ICPC, several institutions were allegedly deducting fees ranging from ₦3,500 to ₦30,000 from students’ institutional charges that had already been covered by the NELFUND scheme. Preliminary findings had initially shown that only ₦28.8 billion of the ₦100 billion federal allocation had been released, prompting concerns over a missing ₦71.2 billion.
However, further scrutiny revealed that the actual total amount received by NELFUND as of March 19, 2023, stood at ₦203.8 billion. The funding sources included ₦10 billion from the Federation Allocation Account Committee (FAAC), ₦50 billion from the Economic and Financial Crimes Commission (EFCC), and a combined ₦143.8 billion from the Tertiary Education Trust Fund (TETFund).
Despite these allocations, only ₦44.2 billion has been disbursed to assist 293,178 students across 299 tertiary institutions, leaving a staggering ₦159.6 billion yet to be accounted for.
“A clear case of discrepancies has been established in the administration of the student loan scheme,” the Commission stated.
As part of the ongoing probe, the ICPC’s Chairman’s Special Task Force has issued investigation letters to multiple stakeholders, including the Director General of the Budget Office, the Accountant General of the Federation, and senior Central Bank of Nigeria officials. The Chief Executive Officer and Executive Director of NELFUND have also been summoned to provide relevant documents.
“The responses received were critically analyzed, and interviews were conducted with the concerned individuals,” the statement read, adding that the investigation has now been broadened to cover both the beneficiary institutions and individual student recipients.
The Commission assured the public that further updates will be provided as the investigation unfolds.
