The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has uncovered a staggering ₦71.2 billion shortfall in the disbursement of funds allocated for student loans under the Nigeria Education Loan Fund (NELFUND).
According to preliminary findings, only ₦28.8 billion of the ₦100 billion allocated for student loans was actually disbursed to beneficiaries. The remaining ₦71.2 billion remains unaccounted for.
In response, the ICPC has launched a full-scale investigation, summoning NELFUND Chief Executive Officer, Akintunde Sawyerr, along with top officials from the Central Bank of Nigeria, the Budget Office, and the Accountant General of the Federation. These stakeholders are expected to provide detailed explanations and submit relevant financial documentation.
The probe has also extended to 51 tertiary institutions accused of making unauthorized deductions from student loan disbursements. These deductions reportedly range from ₦3,500 to ₦30,000 and were allegedly removed from students’ institutional fees processed through the loan fund.
The ICPC says the ongoing investigation aims to uncover the root causes of the discrepancies and ensure transparency and accountability in the management of public funds intended to support higher education in Nigeria.
