Yemi Obafemi
The Managing Director of the Nigeria Education Loan Fund (NELFUND), Akintunde Sawyerr, has debunked allegations of missing funds, insisting that no N71 billion has been stolen from the scheme.
Speaking on Channels Television’s Sunday Politics, Sawyerr clarified that all disbursements have been properly accounted for and that the fund operates under a transparent system aimed at supporting students’ tuition through direct payments to institutions.
Sawyerr said: “We are all looking for this so-called money. First of all, let me be very clear. No money has been stolen. The President, in his wisdom and well-intentioned programme, decided that he was going to set up the Nigeria Education Loan Fund.
“But let me go back and just continue to correct this misconception. No N71bn is missing.”
He explained that the funds allocated to NELFUND are strictly used to pay tuition and institutional charges directly to schools, not to individual students. According to him, the only situation where students may receive direct payments is if they had already paid their fees before the loan was processed, resulting in a double payment.
“So the funds that we’ve been given are to bridge the gap for those who don’t have the money to be able to attain the education. No money is missing. No money has been stolen. There had been some issues with what happened at this phase, where human intervention comes in.
“No money is missing. No money has been stolen. There’d be some issues with what happens at this phase, where human intervention comes in,” the NELFUND boss said.
Since the launch of the scheme, several parents and students have raised concerns about delayed payments, with reports that the funds often do not reach the intended beneficiaries. However, the head of NELFUND clarified that the loan funds are not meant to be disbursed directly to students, but rather sent to educational institutions to cover tuition and related charges.
He said: “Let me correct a misconception there. There is no disbursement from the NELFUND account through the schools to the students. The NELFUND money goes to the schools for their tuition or institutional charges. The schools are supposed to give unfettered access to the students for classes.
“The schools do not disburse to the students, except in the case where the student has already paid their fees, in which case there has been a double payment.
“So there’s a very careful, meticulous investigation going on to try to understand where this is happening and how it’s happening.”
