By Abdullahi Mukhtar Algasgaini
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has revealed that only N28.8 billion out of the N100 billion released for the student loan scheme was disbursed to beneficiaries, with N71.2 billion allegedly diverted by university managements.
ICPC spokesman Demola Bakare disclosed this on Thursday, stating that preliminary investigations showed significant discrepancies in the fund’s distribution.
Key officials, including the Director-General of the Budget Office, the Accountant-General of the Federation, and executives of the Nigeria Education Loan Fund (NELFUND), have been summoned for questioning.
The probe followed allegations by the National Orientation Agency (NOA) that 51 institutions made illegal deductions from students’ loan funds.
ICPC confirmed that while N44.2 billion was disbursed to 299 institutions, benefiting 293,178 students, a large portion remains unaccounted for.
The commission vowed to extend investigations to beneficiary schools and students, promising further updates as the case pprogresse.