WATCH THE VIDEO HERE The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has clarified that it has not affirmed claims that about N71.2 billion of the N100 billion disbursed as student loans under the Nigeria Education Loan Fund (NELFUND) scheme were unaccounted for. Recall that there were reports that no fewer than 51 tertiary institutions were implicated in illegal deductions and exploitation related to the NELFUND scheme. The schools were accused of making unauthorized deductions ranging from N3,500 to N30,000 from each student’s institutional fees received through the loan fund. The ICPC had commenced a probe into the matter and in a statement on Thursday, it said investigation revealed that the total money received by NELFUND as of March 19, 2024, was N203.8 billion, with N44.2 billion disbursed to 299 institutions, covering 293,178 students. In the statement, ICPC said it “confirmed that a clear case of discrepancies has been established in the administration of the student loan scheme and announced that its investigation will now extend to beneficiary institutions and individual student recipients.” Some hours later, after the revelations raised dust, the agency clarified that it made an error in the statement, noting that, “The paragraph ought to read The ICPC confirmed that a clear case of discrepancies has NOT been established in the administration of the student loan scheme and announced that its investigation will now extend to beneficiary institutions and individual student recipients.” “The general public is urged to exercise patience as thorough investigations require time and ample resources,” the new statement signed by its spokesperson, Demola Bakare, said, stressing that, “Our investigations are still ongoing, and there are no indictments yet.”
NELFUND Scheme: N71.2bn Student Loans Not Missing—ICPC
