1st May 2025, NewsOrient, News, Law And Society, Governance And Development
Posted By Samuel Egburonu, Editor

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says it has “commenced an investigation into discrepancies in the disbursements of the student loan in Nigeria.

It says it has found out that ₦71bn is so far unaccounted for in the scheme.

The anti-graft agency said this in a statement by its spokesperson, Demola Bakare, released on Thursday.

A report in Channels Television on the development says “ICPC’s move came after reports that some institutions were involved in illegal deductions and exploitations related to the student loans scheme under the Nigeria Education Loan Fund (NELFund).”

It says “the schools were alleged to have made illegal deductions ranging from ₦3,500 to ₦30,000 from each student’s institutional fees obtained via NELFUND, prompting ICPC to begin an investigation into the matter.”

Demola Bakare in the statement further said: “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”.

~ Published By NewsOrient Network

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