The Nigeria Education Loan Fund (NELFUND) has dismissed claims that ₦71 billion is missing from the student loan programme, describing the allegations as baseless and misleading.
Speaking on Channels Television’s Sunday Politics, NELFUND Managing Director and Chief Executive Officer, Akintunde Sawyerr, maintained that no funds had been stolen or misappropriated.
“We are all looking for this so-called money. Let me be very clear — no money has been stolen,” Sawyerr said.
The rebuttal follows a recent media report suggesting that some educational institutions may have diverted funds meant for student beneficiaries. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has since opened an investigation into the matter.
Despite the development, Sawyerr insisted that the loan programme remains transparent.
“No ₦71bn is missing,” he reiterated.
How the Loan Disbursement Works
Addressing public concerns over delays and complaints of non-payment by some students, the NELFUND boss clarified the disbursement process.
“There is no disbursement from the NELFUND account through the schools to the students,” he explained.
He noted that funds are sent directly to the institutions to cover tuition and institutional charges, not given as cash to students.
“The schools are supposed to give unfettered access to students for classes,” Sawyerr added.
Exceptions, he said, only occur when students have already paid their tuition and require a refund.
Investigations Ongoing
Sawyerr acknowledged that human error may have contributed to some discrepancies but emphasized that a “meticulous investigation” is underway to identify any lapses.
“We are trying to understand where this is happening and how it’s happening,” he said.