The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has raised alarms over a significant financial discrepancy in Nigeria’s student loan program. Of the N100 billion reportedly released by the Federal Government to universities, only N28.8 billion reached the intended student beneficiaries—leaving a staggering N71.2 billion unaccounted for.
According to ICPC spokesperson Demola Bakare, the investigation suggests that several university managements, who acted as custodians of the funds, may have diverted the money. As part of its probe, the ICPC has summoned key officials, including the Director-General of the Budget Office, the Accountant-General of the Federation, representatives from the Central Bank of Nigeria (CBN), and senior executives from the Nigerian Education Loan Fund (NELFUND), to provide documentation and clarity.
This development follows earlier accusations from the Director-General of the National Orientation Agency (NOA), Lanre Issa-Onilu, who alleged that over 51 tertiary institutions undermined the student loan scheme by making unauthorized deductions from institutional fees—ranging between N3,500 and N30,000—despite the fees being covered by NELFUND.
Further investigations by the ICPC revealed that NELFUND had received N203.8 billion as of March 19, 2024, sourced from the Federation Account Allocation Committee (FAAC), the Economic and Financial Crimes Commission (EFCC), and the Tertiary Education Trust Fund (TETFUND). Yet, only N44.2 billion of this amount has reportedly been disbursed to 299 institutions, covering over 293,000 students.
The ICPC’s Special Task Force is actively investigating the financial discrepancies, with assurances that both institutions and individual beneficiaries will be scrutinized. The commission has pledged to keep the public informed as the investigation progresses.