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NELFUND has refuted allegations of diverting N54 billion in student loan funds, clarifying before lawmakers that the ICPC’s initial claim was incorrect and later withdrawn, while affirming that all funds were transparently disbursed to support students and educational institutions nationwide.
allscho The Nigerian Education Loan Fund (NELFUND) has firmly rejected allegations of diverting N54 billion intended for student loans. The claims came under scrutiny during a hearing by the House of Representatives Committee overseeing the fund, following public concern and media reports suggesting financial irregularities.
Addressing the lawmakers, NELFUND’s Managing Director, Akintunde Sawyerr, explained that the Independent Corrupt Practices and Other Related Offences Commission (ICPC) had initially released a statement implying the fund had mismanaged student loan disbursements. However, he noted that NELFUND promptly responded, leading to a swift retraction by the ICPC, which later admitted that its claims were inaccurate.
Sawyerr provided a breakdown of the disbursements: N30 billion was allocated to 303 federal tertiary institutions for tuition payments, while N24 billion was paid as living stipends to nearly 293,000 students across universities, polytechnics, and colleges of education.
He emphasized that NELFUND received a total of N203 billion from multiple sources: N10 billion from the Office of the Accountant General, N143 billion from the Tertiary Education Trust Fund (TETFund) via presidential directive, and N50 billion in recovered funds from the Economic and Financial Crimes Commission (EFCC).
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Sawyerr criticized the earlier figures circulated by the ICPC—which claimed NELFUND received N100 billion and disbursed N28 billion—as misleading and damaging to public trust. He reaffirmed that the fund remains committed to transparency and serving the educational needs of Nigerian youth, describing the project as “sacred” to the nation’s development.
