The Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Thursday announced it has commenced an investigation into discrepancies in the disbursements of the student loan, saying ₦71bn has been unaccounted for in the scheme.

This is contained in a statement issued by the anti-graft agency spokesperson, Demola Bakare.

According to the statement, the ICPC’s move came after reports that some institutions were involved in illegal deductions and exploitations related to the student loans scheme under the Nigeria Education Loan Fund (NELFund).

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The schools were alleged to have made illegal deductions ranging from ₦3,500 to ₦30,000 from each student’s institutional fees obtained via NELFUND, prompting ICPC to begin an investigation into the matter.

“The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has commenced a comprehensive investigation into alleged discrepancies surrounding the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND).

“Preliminary findings revealed a significant gap in the financial records of the disbursement process. While the Federal Government reportedly released N100 billion for the scheme, only N28.8 billion was disbursed to students, leaving an unaccounted sum of N71.2 billion”.