The House of Representatives Committee on Industry has commenced investigation into the alleged mismanagement of funds meant for the Student Industrial Work Experience Scheme, SIWES.
The investigation followed a motion alleging irregularities in the utilization of the funds which are generated through a compulsory tax by the Industrial Trust Fund from 2010 till date.
Responding to the accusation, the leadership of the Industrial Trust Fund which manages the program denied allegations that the process of disbursing funds to students is corrupted.
According to ITF officials, the increased participation of students, has caused a shortfall in funding as enrollment increased from 784 to 3.5 million students from inception till date.
Representatives of polytechnics and universities commission present at the hearing called for a joint monitoring operation to enhance efficiency in the scheme while urging the Federal Government to increase funding for industrial trust fund.
A total of N8.6billion was released for the scheme with a shortfall of N14. 8billion naira from Sept. 2016 to 2017,but a total of N3.6 billion was paid as students and supervisory allowance.