From Ndubuisi Orji, Abuja
The National Education Loan Fund (NELFund) said it has disbursed N24 billion to 293,000 students and another N30 billion to 303 institutions nationwide, making a total of N54 billion, since the commencement of the scheme.
Managing Director, Akintunde Sawyerr, who stated this while briefing the House of Representatives Committee on NELFund, said the beneficiaries were drawn from 303 government-owned universities, polytechnics and colleges of education.
Sawyerr explained that the Fund, since its inception, has received N203 billion, out of which it disbursed N30 billion to tertiary institutions and N24 billion as student loan.
The MD, who expressed dismay over a recent statement by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), alleged discrepancies in disbursement of the student loan, saying though the anti-graft agency had recanted, its claim had done severe damage to the Fund.
The ICPC had, last week, said it uncovered discrepancies in the disbursement of the student loan, alleging that the Fund disbursed did not tally with the receipt.
Nonetheless, Sawyerr told lawmakers that “NELFund has disbursed approximately N54 billion. N54 billion has left the account of NELFund to pay for the loans that people have applied for. That 54 billion split into two sections.
Sawyer, while giving a breakdown of the N203 billion so far received by NELFund said: “We initially received N10 billion from the Office of the Accountant General’s appropriated funds as directed by the Minister for Finance. We then received N71 billion from TETFund, approximately.
“This was as a result of an order by the President for TETFund to release N143 billion to NELFund. They released N71 billion in the first instance, plus another N72 billion, making N143 billion. And then finally, we received a further N50 billion proceeds; recovered proceeds of crime, from the Economic and Financial Crimes Commission, again as directed as an intervention fund from His Excellency, the President of the Federal Republic of Nigeria, President Bola Tinubu.”
Earlier, Chairman, House Committee on NELFund, Ifeoluwa Ehindero, said the panel invited the NELFund management to provide explanation on the management of its funds, following allegations of diversion.
Ehindero said: “The committee has been inundated with several reports, making waves in social media, including concerns about possible diversion of loan funds and issues that have to do with the disbursement and administration of the student loan by certain federal institutions.
“This has necessitated this meeting that we have called the agency, the National Education Loan Fund, to come and make clarifications and enlighten this committee on the issues that have been making rounds in social media.
“So, based on this, you have been invited to make clarifications and enlighten this committee on the issues that have been going on with the disbursement and administration of the student loans being administered by your agency.”