In a damning revelation, Nigeria’s Independent Corrupt Practices and Other Related Offences Commission (ICPC) has disclosed that ₦71.2 billion out of ₦100 billion disbursed for student loans has been misappropriated or diverted a staggering 71% loss in a scheme meant to support tertiary education access.
According to Daily Trust, the funds were part of a Federal Government-backed student loan initiative intended to ease tuition burdens for underprivileged students nationwide. The revelation has sparked outrage across education and civil society circles, with many calling for a total system audit and prosecution of those involved.
How Did ₦71.2 Billion Disappear?
The ICPC says:
- Funds were channeled through third-party “consultants” without accountability
- Some were diverted to non-educational purposes, including personal and political use
- Oversight was either non-existent or willfully ignored during disbursement stages
Loans ≠ Grants
Student loans are meant to be investments in human capital not a slush fund.
This misuse doesn’t just hurt students. It:
- Undermines financial inclusion
- Discourages future donor or private sector participation
- Signals a broken trust between citizens and institutions
By the Numbers
|
Total Allocated |
₦100 Billion |
|
Properly Used |
₦28.8 Billion |
|
Diverted |
₦71.2 Billion |
|
Accountability |
Under investigation |
What to Watch
- Will the ICPC publish a list of implicated institutions or officials?
- How will this affect future federal education funding?
- Can the incoming student loan portal system be made tamper-proof?
Financial Juggernut Take
This isn’t just corruption it’s educational sabotage.
If student loans can’t be trusted, Nigeria risks eroding its human capital advantage for a generation.