The Nigeria Education Loan Fund (NELFund) has stated that, contrary to allegations of diversion of funds meant for the students loan scheme, its records have shown a transparent process in the disbursement of N54 billion out of the N203 billion it has so far received for disbursement to beneficiaries.

The Managing Director (MD) NELFund, Akintunde Sawyerr who stated this while addressing members of House of Representatives Committee on Students Loans on Wednesday, recalled that, the ICPC released a statement last Friday, indicating that they had been looking into some matters and had come to the conclusion that a number of irregularities were taking place.

Our correspondent Nathan Williams reports that Akintunde Sawyerr informed that, in line with its mandate, NELFund is to spend 90% of the funds that come to it exclusively on the loans to pay the fees of students.

He said NELFund has paid, as of today, 303 institutions, government-owned institutions, universities, polytechnics, colleges of education. 303.

NELFund has paid out, 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.

“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. I’ll just break that down because those funds came in in segments.

Speaking on the funds so far received by NELFund, he said that, the Fund initially received N10 billion from the Office of the Accountant General appropriated funds as directed by the Minister for Finance.

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