The Independent Corrupt Practices and Other Related Offences Commission has opened an extensive probe into the Nigeria Education Loan Fund following reports of significant financial irregularities in the student loan programme.
Preliminary findings show that out of the N100 billion allocated by the Federal Government for student loans, only N28.8 billion has reached actual beneficiaries, leaving a shortfall of N71.2 billion unaccounted for. The ICPC revealed that 51 tertiary institutions are implicated in the case, allegedly deducting unauthorised fees ranging from N3,500 to N30,000 from loan payments made to students.
Further investigation showed that NELFUND received a total of N203.8 billion from various sources, including N10 billion from the Federation Allocation Account Committee, N50 billion recovered by the EFCC, and N143.8 billion from TETFund.
Despite the sizeable funding, only N44.2 billion was disbursed to 299 institutions, reaching a total of 293,178 students. The ICPC has summoned several officials to provide clarity on the fund’s handling, including the Director General of the Budget Office, the Accountant General of the Federation, top Central Bank officials, and NELFUND’s leadership.
The commission’s Special Task Force confirmed inconsistencies in the disbursement process and stated that the next phase of the investigation would assess both the institutions and individual recipients to determine proper use of the loans. ICPC’s Director of Public Enlightenment, Demola Bakare, assured the public that regular updates would be provided as the inquiry progresses.
Source : https://thetrumpet.ng/
