₦71.2 Billion Vanishes from Student Loan Fund — ICPC Exposes Shocking Fraud in Nigerian Universities and Government Circles

By Achimi Muktar

A massive financial scandal has erupted in Nigeria’s education sector as the Independent Corrupt Practices and Other Related Offences Commission (ICPC) uncovered that a staggering ₦71.2 billion has vanished from the ₦100 billion set aside for student loans.

The shocking revelation, made public in Abuja on Thursday by ICPC spokesperson Demola Bakare, has sent ripples across the nation. According to Bakare, only ₦28.8 billion of the allocated sum actually reached Nigerian students, while the rest remains suspiciously unaccounted for.

The scale of the alleged corruption has triggered a full-blown investigation, with university managements, government agencies, and top officials now under intense scrutiny. Among those summoned are the Director-General of the Budget Office, the Accountant-General of the Federation, officials from the Central Bank of Nigeria (CBN), and executives from the Nigerian Education Loan Fund (NELFUND).

The scandal escalated earlier this week when the Director-General of the National Orientation Agency (NOA), Lanre Issa-Onilu, accused over 51 higher institutions of sabotaging the Tinubu administration’s student loan programme. He alleged that many universities and polytechnics imposed unauthorized fees on students — ranging from ₦3,500 to ₦30,000 — despite the loan scheme being designed to eliminate such charges.

“This is deeply troubling,” Bakare stated. “We’ve launched a comprehensive investigation through the Chairman’s Special Task Force, and initial findings have already revealed major financial discrepancies.”

According to the ICPC, by March 19, 2024, NELFUND had received ₦203.8 billion from various funding sources, including the Federation Account Allocation Committee (FAAC), the EFCC, and TETFUND. However, only ₦44.2 billion has been disbursed across 299 institutions to benefit over 293,000 students.

The Commission has promised to expose and prosecute all individuals or institutions found guilty of diverting or mismanaging funds meant to empower Nigerian students. Universities and students alike will be investigated, and updates on the probe are expected in the coming weeks.

This developing story has ignited public outrage, as many students still struggle to access quality education despite the billions reportedly set aside for their academic support. With institutions now under the microscope, Nigerians are watching closely to see who will be held accountable in what is shaping up to be one of the country’s biggest educational finance scandals in recent memory.