The Nigerian Education Loan Fund (NELFUND), a federal government-backed initiative, has firmly denied reports suggesting that N71 billion earmarked for student loans is missing.
During a live appearance on Channels Television’s “Politics Today” on Sunday, the Managing Director of NELFUND, Akintunde Sawyerr, addressed the controversy, insisting that no funds had been misappropriated or gone missing under the scheme.
This response comes following a statement by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which disclosed that it had launched an investigation into alleged irregularities surrounding the disbursement of funds under the education loan scheme.
According to preliminary findings by the ICPC, the Federal Government released N100 billion for the loan programme, but only N28.8 billion was reportedly distributed to students — leaving N71.2 billion allegedly unaccounted for.
The development triggered outrage from the National Association of Nigerian Students (NANS), which threatened to protest over the suspected mismanagement of funds. Additionally, the National Orientation Agency (NOA) raised concerns, suggesting that some schools in collusion with financial institutions may be deliberately delaying disbursements to profit from the situation.
Speaking during the interview, Sawyerr humorously responded to a question about whether he had a “Ghana-must-go” bag full of the allegedly missing funds. He laughed off the suggestion and emphasized that the entire claim was unfounded.
He said, “We’re all trying to find this so-called missing money. Let me be absolutely clear — no money has been stolen. The President, with his clear vision and intent, initiated the Nigeria Education Loan Fund to bridge financial gaps for students pursuing higher education. No money is missing, none has been diverted. There were some issues arising at the implementation phase where human involvement came in.”
Sawyerr confirmed that he has held discussions with the Director-General of the NOA, Lanre Issa-Onilu, about the matter, adding that the particular conversation in question took place via telephone.
Clarifying the figures, Sawyerr stated, “Let’s set the record straight. The Nigerian Education Loan Fund has not just received N100 billion. In fact, we’ve received a total of about N203 billion. This comprises N10 billion from the Ministry of Finance through the Accountant General’s office, N50 billion from EFCC’s forfeiture of proceeds of crime, and N143 billion from TETFund. That’s already more than what was previously reported.”
He added that N54 billion has already been disbursed: N30 billion directly to educational institutions and N24 billion allocated for student upkeep. The funds, he confirmed, are currently with the Central Bank of Nigeria (CBN).
Sawyerr further clarified that no disbursements were made directly to students by NELFUND. “There’s no scenario where students are paid directly by NELFUND,” he explained. “Funds are transferred to institutions for tuition and other charges. These schools are expected to allow full classroom access for beneficiaries.”
He added that in rare cases where students had already paid fees before receiving the loan, refunds were being processed. An ongoing investigation is probing the delayed or incomplete disbursements, particularly to identify where system failures or manipulations might have occurred.
“Some institutions have begun issuing refunds as a result of the uproar, but it’s unacceptable that students are being exploited in this manner,” Sawyerr said.
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