NELFund disburses N24bn to 293,000 students, institutions get N30bn

NELFund disburses N24bn to 293,000 students, institutions get N30bn

The National Education Loan Fund (NELFund), yesterday, said it has disbursed a total of N24 billion to 293,000 students, and another N3O billion to 303 institutions nationwide, making a total of N54 billion, since the commencement of the scheme.

The NELFund Managing Director, Akintunde Sawyerr, who stated this while briefing the House of Representatives Committee on NELFund said the beneficiaries are drawn from 303 government owned Universities, Polytechnics, Colleges of Education.

Sawyerr explained that the Fund, since its inception has received a total of N203billion, 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 and Corrupt Practices and Related Offences Commission ( ICPC), alleging discrepancies in disbursement of the student loan, said though the anti-graft agency has recanted, its claim has done severe damage to the Fund.

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The ICPC had last week said it has uncovered alleged discrepancies in the disbursement of the student loan, alleging that the Fund disbursed does not tally with the receipt..

Nonetheless, Sawyerr told lawmakers that , “NELFund has disbursed a total of approximately 54 billion naira. 54 billion naira has left the account of NELFund to go to pay for the loans that people have applied for. That 54 billion naira is split into two sections.

“30 billion of that, the naira I just talked about, the 54 billion, 30 billion has been paid to the 303 institutions that I just mentioned. 24 billion has been paid as upkeep, as pocket money or stipend to 293,000 students who are Nigerians studying at tertiary level in Nigerian government-owned institutions.

“54 billion has been disbursed in total from inception of the NELFund, and of that 54 billion, 30 has gone to institutional payments, and 24 billion, billions I’m talking about, has gone to pocket money, stipend, or upkeep, depending on the language we want to use. Representing direct beneficiaries of NELFund at 293,000. So far, NELFund has received 203 billion naira in the bank account that we hold at the Central Bank of Nigeria.”

NELFund disburses N24bn to 293,000 students, institutions get N30bn