The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has revealed that only N28.8 billion of the N100 billion earmarked for student support in tertiary institutions was disbursed to beneficiaries, with the remaining N71.2 billion allegedly diverted by university managements.
Spokesperson for the ICPC, Demola Bakare, made the disclosure on Thursday in Abuja, stating that preliminary investigations indicated widespread misappropriation of the funds by officials entrusted with the disbursement.
Bakare added that several high-ranking officials, including the Director-General of the Budget Office, the Accountant-General of the Federation, senior officials of the Central Bank of Nigeria, and executives from the Nigerian Education Loan Fund (NELFUND), have been invited to assist with documentation and clarification as the probe deepens.
