The Independent Corrupt Practices and Other Related Offences Commission (ICPC) said a recent investigation into alleged discrepancies in the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND) showed that the scheme disbursed only N44.2bn out of N203.8bn approved for students.
The commission said its preliminary findings had shown that only N28.8bn was disbursed to students while N71.2bn remained unaccounted for, prompting further investigations.
The investigation was triggered by a media report alleging that some institutions made unauthorised deductions ranging from N3,500 to N30,000 from each student’s institutional fees received through the loan fund.
ICPC spokesperson Demola Bakare said on Thursday that the chairman’s Special Task Force commenced investigations and discovered that NELFUND received a total of N203.8bn, with only N44.2bn disbursed to institutions.
The statement read, “The ICPC has commenced a comprehensive investigation into alleged discrepancies surrounding the disbursement of student loans under the NELFUND.
“This action follows a recent media report alleging that no fewer than 51 tertiary institutions were implicated in illegal deductions and exploitation related to the NELFUND scheme.
