Student Loan: No ₦71bn Missing, Stolen From Scheme, NELFUND Insists

Student Loan: No ₦71bn Missing, Stolen From Scheme, NELFUND Insists

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

A recent report had alleged that some schools were diverting money meant for the scheme operated by NELFUND. That prompted the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to launch an investigation into the matter.

However, 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 said on Channels Television’s Sunday Politics.

“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,” the NELFUND boss said.

Since the inception of the scheme, some parents and students have complained of delayed payment, and in many instances, the money has not been getting to the beneficiaries.

The NELFUND chief, however, said funds are not disbursed to the students.

“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.

“So there’s a very careful, meticulous investigation going on to try to understand where this is happening and how it’s happening,” NELFUND added.