BREAKING: ICPC Exposes ₦71 Billion Scandal In Diversion Of FG Student Loan Funds

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) revealed on Thursday that only ₦28.8 billion was allocated to students across various tertiary institutions, despite the Federal Government releasing ₦100 billion for these schools.

Preliminary investigations by the anti-corruption agency revealed that at least ₦71.2 billion had been misappropriated by the management of several universities handling the funds.

According to Naija News, ICPC spokesperson Demola Bakare informed reporters in Abuja that key stakeholders, including the Director-General of the Budget Office and the Accountant-General of the Federation, have been called in to address the matter.

Bakare also mentioned that senior officials from the Central Bank of Nigeria, as well as the CEO and Executive Director of the Nigerian Education Loan Fund (NELFUND), have been summoned to provide necessary documentation and clarifications related to the case.

Two weeks ago, the Director-General of the National Orientation Agency, Lanre Issa-Onilu, raised alarms about universities undermining the Tinubu administration’s student loan initiative. Issa-Onilu claimed that at least 51 tertiary institutions were involved in unlawful deductions and exploitation under the NELFUND scheme, urging anti-corruption agencies to investigate the issue.

Reports indicate that these institutions made unauthorized deductions ranging from ₦3,500 to ₦30,000 from each student’s fees collected through the loan fund.

In response to these concerns, Bakare confirmed that the ICPC’s Chairman’s Special Task Force had immediately launched an investigation, emphasizing that those found guilty will face legal consequences.