The Independent Corrupt Practices and Other Related Offences Commission (ICPC) announced on Thursday that only ₦28.8 billion was allocated to students across various tertiary institutions, despite ₦100 billion being released to these schools by the Federal Government.
The anti-corruption agency indicated that preliminary investigations revealed that at least ₦71.2 billion had been misappropriated by the management of several universities responsible for handling these funds.
News360 Info reports that the commission’s spokesperson, Demola Bakare, informed reporters in Abuja that key stakeholders, including the Director-General of the Budget Office and the Accountant-General of the Federation, have been summoned over the development.
Bakare further mentioned that senior officials from the Central Bank of Nigeria, along with the Chief Executive Officer and Executive Director of the Nigerian Education Loan Fund (NELFUND), have also been invited to provide necessary documentation and clarifications pertinent to the case.
According to Daily Trust, the Director-General of the National Orientation Agency, Lanre Issa-Onilu, raised concerns two weeks ago regarding attempts by universities to undermine the Tinubu administration’s student loan initiative.
Issa-Onilu claimed that at least 51 tertiary institutions were involved in unlawful deductions and exploitation associated with the NELFUND scheme, urging anti-corruption agencies to investigate and put an end to the fraudulent activities.
Additionally, media reports have suggested that these institutions made unauthorised deductions ranging from ₦3,500 to ₦30,000 from each student’s fees collected through the loan fund.
In an update on the situation, the ICPC spokesperson stated that the commission has taken action following the alarm raised, emphasising that those found guilty will face consequences.
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 (CBN).
“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 ₦100 billion for the scheme, only ₦28.8 billion was disbursed to students, leaving an unaccounted sum of ₦71.2 billion.”
While providing a breakdown of NELFUND’s records, Bakare stated that the ICPC’s investigation revealed that as of March 19, 2024, the total amount received by NELFUND was ₦203.8 billion.
