ICPC, NELFUND Clash Over Diversion of N71bn Student Loan Funds

A staggering N71.2 billion intended for Nigerian students in tertiary institutions may have been diverted by school managements, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) revealed in a press briefing on Tuesday.

According to the ICPC’s spokesperson, Demola Bakare, only N28.8 billion out of a total N100 billion released for student support was actually disbursed to students across the country. The remaining funds, Bakare said, appear to have been misappropriated by the leadership of several universities who had direct custody of the money.

As part of its ongoing investigation, the anti-corruption agency has summoned key figures, including the Director-General of the Budget Office and the Accountant-General of the Federation, to shed light on the financial discrepancies.

However, the Nigerian Education Loan Fund (NELFUND) swiftly responded to the growing controversy with a strongly denying any wrongdoing. In a statement signed by its Director of Strategic Communications, Oseyemi Oluwatuyi, the Fund criticized what it described as “inaccurate and dangerously speculative reports” surrounding the student loan scheme.

“The reports suggesting misappropriation are not only false but also harmful to the credibility of a program designed to bring financial hope to millions of young Nigerians,” Oluwatuyi stated. He emphasized that all institutional fees are paid directly to verified schools, while upkeep allowances are credited to the verified accounts of eligible students.

The conflicting narratives from the ICPC and NELFUND have left many Nigerians demanding transparency and accountability from both educational institutions and government agencies involved in the student loan scheme.