Nigeria News NalinThe Nigerian Education Loan Fund (Nelfund) reportedly dismissed claims of $71 billion missing in the student loan program, saying the allegations were unfounded and misleading.
Nelfund Managing Director and CEO Akintund Sawyerr spoke on the political scene of the channel on Sunday, insisting that no funds were stolen or stolen.
“We are all looking for this so-called money. Let me know very well – no money was stolen,” Sawyer said.
The rebuttal follows a recent media report that suggests that some educational institutions may have shifted funds for student beneficiaries. this Independent Corruption and Other Related Crime Commission (ICPC) Since then, the matter has been investigated.
Despite developments, Sawyer insists that the loan plan remains transparent.
“No 7.1 billion millimeters missing,” he reiterated.
How loan expenditure works
Nelfund Boss addressed public concerns about delays and complaints from some students and clarified the payment process.
“Nelfund account through the school’s expenses,” he explained.
He noted that funds were sent directly to institutions to cover tuition and agency fees, rather than providing cash to students.
“These schools should allow students to attend courses without restrictions,” Sawyerr added.
The exceptions only happen if the student has paid the tuition and needs a refund.
Ongoing Investigation
Sawyerr acknowledged that human error may have led to some discrepancies, but stressed that a “consistent investigation” is being conducted to identify any errors.
“We’re trying to understand where and how this happens,” he said.
