ICPC Uncovers N71.2 Billion Discrepancy in Student Loan Fund

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has made a shocking discovery regarding the Nigerian Education Loan Fund (NELFUND). According to preliminary findings, a staggering N71.2 billion out of the N100 billion allocated for student loans remains unaccounted for.

The investigation revealed that only N28.8 billion was disbursed to students, leaving a significant discrepancy that raises serious concerns about the management of the fund. This discovery highlights the need for transparency and accountability in the allocation and disbursement of public funds.

The unaccounted-for funds meant for student loans could have a devastating impact on the education sector and the lives of students who rely on these loans to fund their education. The ICPC’s findings underscore the importance of effective oversight and monitoring to prevent the mismanagement of public funds.

The ICPC’s discovery of the N71.2 billion discrepancy in the student loan fund is a wake-up call for the authorities to take immediate action to investigate and recover the missing funds. It is essential to ensure that public funds are used for their intended purposes and that those responsible for mismanagement are held accountable.