The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered major discrepancies in the administration of the Nigeria Education Loan Fund (NELFUND), revealing that only ₦44.2 billion of the ₦203.8 billion allocated for student loans has so far been disbursed.NewsOnly N44.2bn disbursed from N203.8bn student loan fund – ICPC probes schools The breakdown showed that ₦10 billion was from the Federation Allocation Account Committee (FAAC), ₦50 billion came from the Economic and Financial Crimes Commission (EFCC), ₦71.9 billion was from the Tertiary Education Trust Fund (TETFund), and another ₦71.9 billion was also from TETFund,” the Commission said.
Out of this amount, only ₦44.2 billion has been disbursed to date, benefiting 293,178 students across 299 tertiary institutions.
“A clear case of discrepancies has been established in the administration of the student loan scheme,” the statement read.The Commission confirmed that its Chairman’s Special Task Force had dispatched letters of investigation to several stakeholders, including the Director General of the Budget Office, the Accountant General of the Federation, and senior officials of the Central Bank of Nigeria. It also invited the Chief Executive Officer and Executive Director of NELFUND to provide documentation.
“The responses received were critically analyzed, and interviews were conducted with the concerned individuals,” the ICPC added.
It stated that the probe has now been expanded to cover both beneficiary institutions and individual student recipients to determine the full extent of the anomalies.The statement further stated that further updates will be provided as the investigation progresses.
