Abuja, Nigeria — The Independent Corrupt Practices and Other Related Offences Commission (ICPC) don reveal say only N28.8 billion been disbursed to students for different tertiary institutions, out of the N100 billion wey federal government release for the scheme on May 1, 2025. Dem say over N71.2 billion don disappear for the hands of university managements wey suppose handle the funds.
The ICPC spokesperson, Demola Bakare, talk this matter for journalists wey gather for Abuja. Him explain say dem don invite key stakeholders including Director-General of the Budget Office and the Accountant-General of the Federation to help dem unravel the matter.
Bakare add say senior officials from the Central Bank of Nigeria and the Chief Executive Officer plus the Executive Director of NELFUND dey expected to submit documentation and explanations for the case.
Daily Trust report say Lanre Issa-Onilu, wey be Director-General of the National Orientation Agency, don raise alarm about universities wey dey try to sabotage Tinubu-led government wey manage the students’ loan scheme.
Issa-Onilu talk say up to 51 tertiary institutions involved in illegal deductions and fraudulent activities concerning the NELFUND scheme. Him don urge anti-graft agencies to investigate this matter sharply.
Media reports also talk say these universities don make unauthorized deductions from students’ school fees, with amounts ranging from N3,500 to N30,000 wey dey paid through the loan fund.
“The Commission confirm say as soon as we hear the report, we don activate action. We don invite key stakeholders and dispatch letters for investigation,” Bakare explain.
Him add say preliminary findings from the ICPC show serious gap in financial records concerning the disbursement process. While the government release N100 billion for the scheme, only N28.8 billion don reach students, and N71.2 billion still dey missing.
Bakare also break down the NELFUND financial records as of March 19, 2024, explaining say N203.8 billion enter NELFUND. Dis one include N10 billion wey come from Federation Allocation Account Committee, N50 billion from Economic and Financial Crimes Commission, and two allocations of N71.9 billion from Tertiary Education Trust Fund.
Him continue say as at now, approximately N44.2 billion don reach 299 institutions, with about 293,178 students benefiting from the fund.
ICPC don confirm say dem don find clear case of discrepancies in how the student loan scheme dey run, and dem go extend investigations to beneficiary institutions and individual student recipients.
Bakare say dem go dey provide updates as the investigation dey progress. “We don kick-off comprehensive investigations into the alleged discrepancies surrounding the disbursement of students’ loans under the Nigeria Education Loan Fund (NELFUND),” him conclude.
