The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is looking into possible problems with how student loans were given out in Nigeria.
This is about the Nigeria Education Loan Fund (NELFund) — a special program started to help students in universities and other higher schools get money to pay their school fees.
What Happened?
The ICPC said that some schools may have taken extra money from the student loan funds that they were not supposed to. These extra charges ranged from ₦3,500 to ₦30,000 and were reportedly removed from the students’ school fees without permission.
This issue was first reported in the news, and it said that 51 schools were involved in these illegal deductions.
Where Did the Money Go?
The federal government gave ₦100 billion for student loans, but the ICPC found that only ₦28.8 billion was given to students. That means over ₦71.2 billion is missing or unaccounted for.
So far, the ICPC has found that ₦44.2 billion in total has been shared with 299 schools, helping 293,178 students. But there’s still a big question: where is the rest of the money?
What is ICPC Doing Now?
The ICPC said they started an investigation right away. They have sent letters and invitations to:
- The head of the Budget Office
- The Accountant General of the Federation
- Senior officers from the Central Bank of Nigeria
- The Managing Director of NELFund, Mr. Akintunde Sawyerr, asked him to share documents and information.
How Much Money Was Received Altogether?
As of March 19, 2024, NELFund had received ₦203.8 billion from different sources:
- ₦10 billion from the Federation Allocation Account Committee
- ₦50 billion from the Economic and Financial Crimes Commission (EFCC)
- ₦71.9 billion twice from the Tertiary Education Trust Fund (TETFund)
What Happens Next?
The ICPC says it has found a real problem in how the student loan money was handled. They will now look deeper into the schools and even into individual students who got the loans.
This investigation is to make sure the money meant to help students goes to them and not into the wrong hands.
In simple terms: Some schools may have taken money from student loans they weren’t supposed to. A lot of the loan money is missing, and the ICPC is trying to find out what happened.
