The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says it has uncovered major discrepancies in the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND), revealing that only ₦28.8 billion out of ₦100 billion released by the Federal Government was disbursed to students.
In a statement on Thursday, ICPC spokesperson Demola Bakare said, “Preliminary findings revealed a significant gap in the financial records of the disbursement process… only ₦28.8 billion was disbursed to students, leaving an unaccounted sum of ₦71.2 billion.”
He added that a total of ₦203.8 billion had been received by NELFUND as of March 19, 2023, from various federal sources, but only ₦44.2 billion had been disbursed to 299 institutions, covering 293,178 students.
“The ICPC confirmed that a clear case of discrepancies has been established in the administration of the student loan scheme,” Bakare stated, noting that investigations were ongoing and had expanded to include institutions and student beneficiaries.
Meanwhile, the National Association of Nigerian Students (NANS) condemned the findings and threatened nationwide protests.
“The revelation by the ICPC regarding the staggering ₦71.2bn unaccounted for in the student loan scheme is both alarming and unacceptable,” said NANS spokesperson Samson Adeyemi. “We commend the ICPC for launching an investigation, but we demand swift, transparent, and public action… NANS will not hesitate to mobilise nationwide action if concrete steps are not taken.”
Reacting, the Academic Staff Union of Universities (ASUU) reiterated its long-standing skepticism toward the fund. “We have been vindicated,” said ASUU President Prof. Victor Osodeke. “You can see the heavy corruption… This is why we said it cannot work.”
The Federal Ministry of Education announced it will meet with vice-chancellors and NELFUND officials on May 6 to address the situation and enforce accountability.