The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has commenced an investigation into discrepancies in the disbursements of the student loan, revealing that N71billion has so far been unaccounted for in the scheme.
ICPC’s move came after reports that some institutions are involved in illegal deductions and exploitations related the student loans scheme under the Nigeria Education Loan Fund (NELFund).
The schools were alleged to have made illegal deductions ranging from N3,500 to N30,000 from each student’s institutional fees obtained via NELFUND, prompting ICPC to begin an investigation into the matter.
“The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has commenced a comprehensive investigation into alleged discrepancies surrounding the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND),” spokesperson of the anti-graft agency, Demola Bakare, said in a statement on Thursday.
It added that, “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”.
