The Nigerian Education Loan Fund (NELFUND) has reaffirmed its commitment to transparent and responsible disbursement of student loans across the country.
By Ikenna Osuoha
The Nigerian Education Loan Fund (NELFUND) has reaffirmed its commitment to transparent and responsible disbursement of student loans across the country.
NELFUND’s, Managing Director, Mr Akintunde Sawyerr, made this known during an oversight meeting with the House Committee on NELFUND on Wednesday in Abuja.
Sawyerr disclosed that 90 per cent of all funds received by the agency were strictly allocated for student loans, in line with the law.
“Ninety per cent of funds that come to NELFUND are to be spent exclusively on loans. These funds must go towards paying students’ fees and cannot be diverted or used for any other purpose,” he stated.
He added that any deviation from this mandate would constitute a breach of the law.
Providing an update on disbursement, Sawyerr disclosed that a total of ₦54 billion had so far been disbursed to students and institutions nationwide.
According to him, “NELFUND has paid 303 government-owned institutions, including universities, polytechnics, and colleges of education, and disbursed approximately ₦54 billion in total.“
He further explained that ₦30 billion out of the total amount was paid directly to the institutions, while ₦24 billion was disbursed as stipends to 293,000 Nigerian students enrolled in public tertiary institutions.
Earlier, the Chairman of the House Committee on NELFUND, Rep. Ifeoluwa Ehindaro, said the meeting was convened to clarify reports and address public concerns regarding potential mismanagement of funds.
“You have been invited to provide clarification and enlighten this committee on issues surrounding the disbursement and administration of student loans by your agency,” Ehindaro said.
The News Agency of Nigeria (NAN) reports that the meeting followed recent allegations by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) concerning fund diversions at NELFUND. (NAN)( www.nannews.ng)