The Independent Corrupt Practices and Other Related Offences Commission (ICPC) disclosed on Thursday that only ₦28.8 billion out of the ₦100 billion disbursed to tertiary institutions for student support was actually given to students.
According to the anti-corruption agency, preliminary investigations revealed that approximately ₦71.2 billion may have been diverted by the management of various universities entrusted with the funds.
ICPC spokesperson Demola Bakare, speaking to journalists in Abuja, said that key officials — including the Director-General of the Budget Office and the Accountant-General of the Federation — have been summoned.
He added that senior personnel from the Central Bank of Nigeria, as well as the CEO and Executive Director of the Nigerian Education Loan Fund (NELFUND), were also invited to submit relevant documents and provide clarifications.
This development follows recent claims by the Director-General of the National Orientation Agency (NOA), Lanre Issa-Onilu, who warned two weeks ago that some universities were attempting to undermine the Tinubu administration’s student loan program.
Issa-Onilu alleged that at least 51 tertiary institutions were involved in illegal deductions and exploitation of students under the NELFUND scheme.
He urged anti-graft agencies to investigate the matter thoroughly and prevent further abuse.
Media reports also indicated that these institutions made unauthorized deductions ranging from ₦3,500 to ₦30,000 from student fees paid through the loan program.
Providing an update, Bakare said the ICPC promptly launched an investigation following the alarm and assured that all those found responsible would face prosecution.
Bakare said, “The Commission confirmed that its Chairman’s Special Task Force immediately swung into action upon receiving the report.
“Letters of investigation and invitations were dispatched to key stakeholders, including the Director-General of the Budget Office, the Accountant General of the Federation, and senior officials from the Central Bank of Nigeria.
“Additionally, the Chief Executive Officer and Executive Director of NELFUND were invited to provide documentation and explanations relevant to the case.
“Preliminary findings revealed a significant gap in the financial records of the disbursement process. While the Federal Government reportedly released N100 billion for the scheme, only N28.8 billion was disbursed to students, leaving an unaccounted sum of N71.2 billion.”
While giving the breakdown of the NELFUND’s records, Bakare said the ICPC’s strength of investigation revealed that the total money received by NELFUND as of March 19, 2024, was N203.8 billion.
“The breakdown showed that N10 Billion was an allocation from the Federation Allocation Account Committee, N50 billion was from the Economic and Financial Crimes Commission, N71.9B was from the Tertiary Education Trust Fund, while another N71.9 billion was also from the same Tertiary Education Trust Fund,” the ICPC official told journalists.
He stated that the commission thoroughly analyzed the responses it received and conducted interviews with the relevant individuals.
He added that the ICPC found that approximately ₦44,200,933,649.00 had been disbursed to institutions since the program’s inception, with a total of 299 institutions benefiting from the released funds.
“To date, the total amount disbursed to 299 beneficiary institutions stands at approximately N44.2 billion, with 293,178 students having benefited from the fund.
“The ICPC confirmed that a clear case of discrepancies has been established in the administration of the student loan scheme and announced that its investigation will now extend to beneficiary institutions and individual student recipients.”
He said the commission would from time-to-time provide further updates as the investigation progresses.
“Comprehensive investigations into the alleged discrepancies surrounding the disbursement of students’ loans under the Nigeria Education Loan Fund (NELFUND) has commenced,” he stated.
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