The Nigeria Education Loan Fund (NELFUND) has debunked reports alleging that billions of naira meant for its student loan scheme have gone missing.
This follows recent claims that some institutions were diverting the funds, leading the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to launch a probe.
However, the Managing Director and Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr, has described the allegations as unfounded, insisting that no money is unaccounted for.
“We are all looking for this so-called money. First of all, let me be very clear: no money has been stolen,” he said while speaking on Channels Television’s Sunday Politics.
Mr. Sawyerr emphasized that the fund, established by the federal government to bridge the financial gap in tertiary education, remains financially sound.
“No N71 billion is missing,” he stated emphatically.
“There have been some issues with what happens at this phase where human intervention comes in. But no money is missing. No money has been stolen.”
Although some students and parents have complained about delayed access to the loan, the NELFUND chief explained that the disbursement process is institutional and not directly to students.
“There is no disbursement from the NELFUND account through the schools to the students,” he clarified.
“The funds go to the schools strictly for tuition and institutional charges. The schools are expected to grant students access to learning once payment is confirmed.”
He added that in instances where students had paid their fees upfront and NELFUND payments created a double entry, schools were expected to handle refunds appropriately.
Mr. Sawyerr assured that a thorough investigation is ongoing to identify and address any irregularities, noting that accountability remains a core value of the loan programme.
