The Nigeria Education Loan Fund (NELFUND) has denied claims of missing funds, following reports alleging that some schools were diverting money meant for the student loan scheme.
NELFUND’s Managing Director, Akintunde Sawyerr, addressed the allegations, stating, “No money has been stolen. No N71bn is missing.” He explained that the fund is intended to help students who cannot afford tuition fees, but no money is disbursed directly to students.
“There is no disbursement from the NELFUND account through the schools to the students. The money goes to the schools for tuition or institutional charges,” he clarified.
Sawyerr acknowledged issues with the process but emphasised that the funds were not misappropriated and assured that an investigation is ongoing to resolve any concerns.
