Claims of misappropriating N54 billion meant for student loans have been categorically denied by the Nigerian Education Loan Fund (NELFUND). The House of Representatives Committee that oversees the fund held a hearing to examine the claims after media reports and public outcry indicated financial problems.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) had first issued a statement suggesting the fund had mismanaged student loan disbursements, according to Akintunde Sawyerr, Managing Director of the NELFUND, who was speaking to the MPs. He did point out that NELFUND’s quick response caused the ICPC to quickly recant its claims, which it later acknowledged were false.
Sawyerr gave an explanation of the payouts: Nearly 293,000 students at universities, polytechnics, and colleges of education received N24 billion in living stipends, while N30 billion was allotted to 303 federal tertiary institutions for tuition payments.
He underlined that the N203 billion that NELFUND received came from a number of sources, including N50 billion in recovered funds from the Economic and Financial Crimes Commission (EFCC), N10 billion from the Office of the Accountant General, and N143 billion from the Tertiary Education Trust Fund (TETFund) as a result of a presidential directive.
Sawyerr called the ICPC’s prior estimates, which stated that NELFUND collected N100 billion and disbursed N28 billion, inaccurate and detrimental to public confidence. He described the project as “sacred” to the growth of the country and reiterated the fund’s commitment to openness and meeting the educational requirements of Nigerian youth.
CREDIT: ALLSCHOOL, Allschoolabs
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