N71bn allocation for Students’ loan is still intact,says NELFUND

By
Jacinta Nwankwo, Bauchi

In reaction to the circulating report that the estimated N71bn earmarked for student loans has
been stolen, the Nigerian Education Loan Fund, on Sunday, said there was no truth to it.

The claim was put to rest by the Managing Director of NELFUND, Akintunde Sawyerr while
granting an interview on the ChannelsTelevision’s Politics Today segment.

After the attention of the Independent Corrupt Practices and Other Related Offences
Commission was drawn to irregularities in the allocation of student loans, the agency has
commenced a full scale investigation this last week.

Speaking on their findings, the agency revealed that out of the N100 billion that was released by
the Federal Government, only N28.8 billion got into the hands of students, and there’s no trace
of the N71.2b balance.

While the National Association of Nigerian Students is gearing up to protest the alleged
discrepancy the National Orientation Agency is theorising that the delayed disbursement to qualified students is as a result of malicious activities between some schools and banks to make
some profit.

During the live interview on Sunday, Sawyerr categorically denied the claim by saying: “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.

So the funds that we’ve been given is 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 the phase of this where human intervention comes
in.

To set the matter straight, Sawyerr provided more details about the actual amount of the loan.

He said, “No N71bn is missing. So let’s break it down. Let me tell you we’ve received not even
N100bn. The Nigerian Education Loan Fund has received about N203bn.

“I’ll break it down for you – N10bn from the Office of the Minister of Finance through the Office of
the Accountant General, N50bn from the EFCC’s proceeds of crime and N143bn from

TETFund. So you can see already that the actual amount received is in excess of what’s even
been said to have been received.

“Out of that, N54bn has been disbursed to date while N30bn and N24bn had gone to institutions
and for upkeep respectively. So there’s a pocket money side to this.

That’s N54bn disbursed
already in the space of about 11 and a half months. It’s in the Central Bank of Nigeria.”
Mr. Sawyerr also debunked claims that the loan is paid directly into the bank accounts of some
students.

He also gave assurances that NELFUND would ensure that all qualified beneficiaries will get the student loans without any dela.

Jacinta Nwankwo, write from Mass communication department, Abubakar Tatari Ali polytechnic Bauchi, can be reach via jessciababy28@gmail.com or 07032144488.