The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a probe into the Nigeria Education Loan Fund (NELFUND) following the discovery that N71.2 billion out of the N100 billion allocated for student loans is missing.
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In a statement released by ICPC spokesperson Demola Bakare, the commission revealed that only N28.8 billion from the allocated sum has been traced to actual student beneficiaries. The funds were drawn from various national sources, including the Federation Allocation Account Committee, the Economic and Financial Crimes Commission (EFCC), and the Tertiary Education Trust Fund (TETFund).
The anti-graft agency has summoned key government officials such as the Director-General of the Budget Office and the Accountant General of the Federation to account for the missing funds. As part of its ongoing investigation, the ICPC is also scrutinizing 299 tertiary institutions that reportedly received N44.2 billion in disbursements meant for 293,178 students.
The ICPC said the glaring discrepancies in the disbursement and utilization of funds have prompted a wider investigation, which now includes interviews with school authorities and student recipients. The commission pledged to trace every missing naira and ensure all parties involved are held accountable.
Meanwhile, the Director-General of the National Orientation Agency, Lanre Issa-Onilu, has expressed concern that some universities may be undermining the success of the scheme through illegal deductions and other exploitative practices. He called on anti-corruption bodies to act swiftly to safeguard the integrity of the student loan program.
