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The Nigeria Education Loan Fund (NELFUND) asserts that there is no missing money from the student loan program, despite allegations to the contrary.
A recent report claimed that some educational institutions were misappropriating funds intended for the scheme managed by NELFUND, which led the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to initiate an investigation. However, NELFUND's Managing Director and CEO, Akintunde Sawyerr, stated that the organization has been transparent and has nothing to hide.
"We are all in search of this so-called missing money. Let me be clear: no funds have been stolen.
The President, with good intentions, established the Nigeria Education Loan Fund," Sawyerr declared during an appearance on Channels Television’s Sunday Politics.
He further clarified, "No N71bn is unaccounted for." Sawyerr explained that the funds are designated to assist those who are unable to afford education. "No money is missing. No money has been taken. There have been some challenges during this phase, which is influenced by human factors."
Since the program's launch, numerous parents and students have reported issues with delayed payments, and in many cases, the funds have not reached their intended recipients. Nevertheless, the NELFUND leader clarified that payments are not made directly to students.
"I want to clarify a misunderstanding: there are no disbursements from the NELFUND account to students through the schools. The funds go to the schools for tuition or institutional fees. Schools are responsible for granting students full access to attend classes."
"The schools do not provide disbursements to students unless the student has already settled their fees, which results in a situation of double payment," he explained.
"Therefore, there is a thorough and careful investigation underway to determine how these discrepancies arise and occur."
