The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has retracted its earlier claim of discrepancies in the disbursement of student loans under the Nigeria Education Loan Fund (NELFUND). The commission’s Director of Public Enlightenment and Education, Demola Bakare, issued a revised statement, clarifying that the investigation is still ongoing and that no conclusive evidence of discrepancies has been established.

According to the revised statement, the ICPC’s investigation will focus on tertiary institutions and student beneficiaries. The commission had earlier stated that preliminary findings revealed major gaps in the financial records of the student loan scheme, with N71.2 billion allegedly unaccounted for. However, the revised statement clarified that this claim was based on an error in the original statement.

The ICPC’s investigation was triggered by a formal petition from NELFUND and the National Orientation Agency (NOA). The commission has been analyzing responses from key stakeholders, including the Director General of the Budget Office and the Accountant General of the Federation.

The investigation aims to uncover any potential malfeasance in the disbursement of student loans. The ICPC has confirmed that it is working in collaboration with NOA and other relevant agencies to ensure transparency and accountability in the student loan scheme.