The Nigerian Education Loan Fund (NELFUND) has dismissed reports alleging that N71 billion earmarked for student loans is missing.
Speaking on Channels Television’s Politics Sunday, NELFUND Managing Director Akintunde Sawyerr addressed concerns after the Independent Corrupt Practices and Other Related Offences Commission (ICPC) began probing discrepancies in the loan disbursement process.
According to the ICPC, the Federal Government allocated N100 billion to the student loan scheme, but only N28.8 billion was reportedly disbursed leaving a shortfall of N71.2 billion.
The report sparked outrage, with the National Association of Nigerian Students threatening nationwide protests. The National Orientation Agency (NOA) also criticized some schools and banks, accusing them of causing disbursement delays for personal gain.
Sawyerr rejected the allegations, insisting no funds were missing. “No money has been stolen,” he said. “This programme was created by the President to make education accessible to those in need. Any issues stem from human errors during implementation.”
He clarified that NELFUND has actually received N203 billion comprising N10 billion from the Ministry of Finance, N50 billion from EFCC asset recoveries, and N143 billion from TETFund far exceeding the initially reported N100 billion.
“N54 billion has been disbursed, N30 billion was paid directly to institutions and N24 billion was allocated for student upkeep”
Sawyerr explained that NELFUND does not give money directly to students; instead, funds are sent to institutions to cover tuition and fees. In some cases, this led to duplicate payments for students who had already paid out of pocket an issue currently under investigation.
“Some schools have begun refunding the excess,” he noted. “Students must not be exploited.”
He added that NELFUND is in regular contact with NOA Director-General Lanre Issa-Onilu to address concerns and ensure transparency.
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