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By Ayo Kehinde
The independent corrupt practices and the other related crimes (ICPC) have started a global investigation on alleged discrepancies that surround the provision of student loans pursuant to the loans for Nigerian education (in theFund).
Thursday, in a declaration, the Commission stated that the investigation follows recent media reports claiming that over 51 tertiary institutions were making unauthorized deductions ranging from N3,500 to N30,000 from the institutional expenses of each student paid through loans.
The declaration said: “The preliminary results revealed a significant gap in the financial registers of the provision process. While the federal government issued N100 billion for the regime, only N28.8 billion have been paid to the students, leaving an non -accounting sum of N71.2 billion”.
After receiving the report, the Commission confirmed that the special task force of its president immediately implemented. The letters of investigation and invitations have been sent to the main parties concerned, including the general manager of the budget office, the general accounting of the Federation and the high officials of the Nigeria Central Bank. In addition, the CEO and the executive director of Nellfund were invited to provide documentation and explanations relevant to the case.
He also said that the responses received were analyzed in a critical way and interviews with the people concerned were conducted.
According to the ICPC, its investigation strength revealed that the total money received from Nelphund to March 19, 2024 was n203.8 billion.
“The distribution showed that N10 billion was a allocation of the Committee for the Federation’s allocation accounts, N50 billion came from the Commission for Economic and Financial Crimes, N71.9 billion came from the trustee of tertiary education, while another N71.9 billion came from the same trustee of tertiary education fund.”
However, he discovered that “the total amount paid to the institutions from the beginning to date is about N44,200.933,649.00, while a total of 299 institutions have benefited from the funds issued.
“To date, the total amount disbursed to 299 beneficiary institutions is about N44.2 billion, with 293,178 students who have benefited from the fund.”
The Commission confirmed that “a clear case of discrepancies was established in the administration of the student loan regime and has announced that its investigation will now extend to beneficiary institutions and individual recipient students.
“Further updates will be provided as the investigation advances.”
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