The Independent Corruption and Other Related Crime Commission (ICPC) announced Thursday that while the federal government released 100 billion schools to these schools, it was allocated only 28.8 billion to students at each level 3 institutions.
The anti-corruption agency said preliminary investigations showed that at least $71.2 billion in managers misappropriated the management of several universities responsible for handling the funds.
Naija News A spokesperson for the report committee Demola Bakare, People familiar with the matter in Abuja, including the Director General of the Budget Office and the Federal Accounting Firm, have been called up on the development.
Bakare further mentioned that senior officials of the Central Bank of Nigeria and the CEO and executive director of the Nigeria Education Loan Fund (Nelfund) have also been invited to provide necessary documents and clarifications related to the case.
According to the Daily Trust, Director General of the National Initiative Agency Lanre Issa-CustodyTwo weeks ago, concerns were raised about universities’ attempts to undermine the Tinubu government’s student loan initiative.
Issa-Onilu claims that at least 51 tertiary institutions have participated in the illegal deduction and exploitation related to this Nelfund Plans, urging anti-corruption agencies to investigate and end fraudulent activities.
Additionally, media reports recommend that these institutions make unauthorized deductions from each student fee charged by the loan fund, ranging from ₦3500 to 30,000.
In updates to the situation ICPC The spokesman said the committee had taken action after the alarm was issued, highlighting the consequences that those convicted of the crime would face.
Bakar said, “The Committee confirms that its Chair Task Force takes action immediately upon receipt of the report.
“The letter of investigation and invitations have been sent to key stakeholders including the Director General of the Budget Office, the Federation Accountant and senior officials of the Central Bank of Nigeria (CBN).
“In addition, Nelfund’s CEO and Executive Director are invited to provide documents and explanations related to the case.
“Preliminary findings show that there is a big gap in financial records in the payment process. The federal government reportedly released 100 billion copies of the program, but paid only $28.8 billion to students, leaving a non-invested $71.2 billion.”
Bakare said in providing a breakdown of Nelfund records that the ICPC survey showed that as of March 19, 2024, the total amount received by Nelfund was 203.8 billion.
“This breakdown shows that 10 billion guilds is the distribution of the Federal Allocation Commission, ₦50 billion USD from the Economic and Financial Crime Commission, ₦71.9B from the Third Level Education Trust Fund, and the other 71.9 billion also from the same Third Level Education Trust Fund,” ICPC officials told reporters.
According to him, the responses received by the committee were rigorously analyzed and interviewed the individuals concerned.
He noted that ICPC found that the total amount paid to institutions from its inception to date was approximately 44,200,933,649.00, while a total of 299 institutions benefited from the released funds.
“To date, the total amount paid to 299 beneficiary institutions is approximately 44.2 billion, of which 293,178 students benefit from the fund.
“ICPC confirmed that significant differences have been established in the management of student loan programs and announced that its investigation will now be extended to beneficiary institutions and individual student recipients,” he said. He said, adding that the commission will provide further updates from time to time as the investigation proceeds.
“A comprehensive investigation into suspected differences in student loan payments under the Nigeria Education Loan Fund (Nelfund) has begun,” Baccaré said.
