Nigeria News: ICPC Probes Missing ₦71.2 Billion in Student Loans
The Independent Corrupt Practices Commission (ICPC) has unearthed alarming discrepancies in Nigeria’s student loan disbursement. Of the ₦100 billion allocated, only ₦28.8 billion has reached students, raising serious concerns of potential fund diversion. Public outcry follows, as 51 institutions face accusations of undermining the Tinubu administration’s educational efforts.
Local developments reveal that some schools applied unauthorised deductions from loans, prompting thorough ICPC investigations into the institutions’ and students’ roles. Despite denials from NELFUND, which insists on transparent practices, the missing funds provoke scrutiny and demand for accountability in Nigeria’s educational finance system.
Key Takeaways:
- Only 28.8% of allocated loan funds were disbursed to students.
- ICPC probes 51 institutions for alleged fund manipulation.
- NELFUND denies misappropriation, claims transparent operations.
The evolving investigation could impact public trust in social intervention programs and their efficiency. How can transparency in educational funding be improved? Share your thoughts!
