The Managing Director of the Nigeria Education Loan Fund (NELFUND), Akintunde Sawyerr, has refuted claims that N71 billion is missing from the institution’s accounts. Speaking during an appearance on Sunday Politics, a Channels Television programme, Sawyerr described the allegation as both “inaccurate” and “misleading.”
He clarified that NELFUND has so far received a total of N203 billion in funding. This includes N10 billion from the Office of the Minister of Finance, N50 billion from the Economic and Financial Crimes Commission (EFCC) via the Proceeds of Crime account, and N143 billion from the Tertiary Education Trust Fund (TETFund).
Sawyerr explained that N54 billion of the total amount has already been disbursed—N30 billion to educational institutions and N24 billion allocated as upkeep support for students. He confirmed that the remaining N149 billion is still intact in NELFUND’s account with the Central Bank of Nigeria.
Reassuring the public, Sawyerr maintained that no funds are missing and reiterated the Fund’s core mission: to ensure that Nigerian students have access to quality tertiary education, equipping them to compete on a global scale.
