N71bn not missing from student loan scheme – NELFUND insists

The Nigeria Education Loan Fund (NELFUND) has insisted no money is missing from the student loan scheme despite claims to the contrary. 

Speaking on Channels TV Politics on Sunday programme, NELFUND’s Managing Director and Chief Executive Officer (CEO), Akintunde Sawyerr, said the fund has a clean bill of health.

“We are all looking for this so-called money. First of all, let me be very clear. No money has been stolen. The President, in his wisdom and well-intentioned programme, decided that he was going to set up the Nigeria Education Loan Fund,” Sawyerr 

“But let me go back and just continue to correct this misconception. No N71bn is missing,” Sawyerr insisted.

He added, “So the funds that we’ve been given are to bridge the gap for those who don’t have the money to be able to attain the education. No money is missing. No money has been stolen. There had been some issues with what happened at this phase, where human intervention comes in. No money is missing. No money has been stolen. There’d be some issues with what happens at this phase, where human intervention comes in”.

“Let me correct a misconception there. There is no disbursement from the NELFUND account through the schools to the students. The NELFUND money goes to the schools for their tuition or institutional charges. The schools are supposed to give unfettered access to the students for classes. The schools do not disburse to the students, except in the case where the student has already paid their fees, in which case there has been a double payment,” he said.

Last week, the Independent Corrupt Practices and Other Related Offences Commission announced that it has commenced a comprehensive investigation into the alleged discrepancies surrounding the disbursement of student loans under the Nigeria Education Loan Fund.