By Aliyu Galadima
Independent Corrupt Practices and Other Related Offences Commission ,ICPC, said a recent investigation into alleged discrepancies in the disbursement of student loans under the Nigeria Education Loan Fund ,NELFUND, showed that the scheme disbursed only N44.2bn out of N203.8bn approved for students.
The commission said its preliminary findings had shown that only N28.8bn was disbursed to students while N71.2bn remained unaccounted for, prompting further investigations.
The investigation was triggered by a media report alleging that some institutions made unauthorised deductions ranging from N3,500 to N30,000 from each student’s institutional fees received through the loan fund.
ICPC spokesperson Demola Bakare said on Thursday that the chairman’s Special Task Force commenced investigations and discovered that NELFUND received a total of N203.8bn, with only N44.2bn disbursed to institutions.
The statement read, “The ICPC has commenced a comprehensive investigation into alleged discrepancies surrounding the disbursement of student loans under the NELFUND.
“This action follows a recent media report alleging that no fewer than 51 tertiary institutions were implicated in illegal deductions and exploitation related to the NELFUND scheme.
“These institutions were alleged to have made unauthorised deductions ranging from N3,500 to N30,000 from each student’s institutional fees received through the loan fund.
“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.
“The Commission confirmed that its Chairman’s Special Task Force immediately swung into action upon receiving the report”.
Giving a breakdown, the statement said, “The breakdown showed that ₦10 billion was from the Federation Allocation Account Committee ,FAAC, ₦50 billion came from the Economic and Financial Crimes Commission ,EFCC, ₦71.9 billion was from the Tertiary Education Trust Fund ,TETFund, and another ₦71.9 billion was also from TETFund.
“ICPC, however, found that the total amount disbursed to institutions from inception to date is about N44,200,933,649.00, while a total of 299 institutions have benefitted from the funds released. To date, the total amount disbursed to 299 beneficiary institutions stands at approximately N44.2 billion, with 293,178 students having benefitted from the fund”.
The ICPC has invited 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, to provide documentation and explanations relevant to the case.
