JUST IN 🔥🔥 NELFUND DISBURSES N54BN TO INSTITUTIONS, N24BN TO STUDENTS.

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The Managing Director of the Nigerian Education Loan Fund (NELFund), Akintunde Sawyerr, has disclosed that the organization has disbursed N54 billion to 303 institutions, with N24 billion going directly to students' bank accounts. In an interview, Sawyerr stated that 293,000 students have benefited from the fund, which aims to provide financial support to students in need.

Breakdown of Funds:

- N54 billion disbursed to institutions
- N30 billion for institutional charges
- N24 billion directly to students' bank accounts

Allegations and Investigation:

- Reports of mismanagement of funds have led to an investigation by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
- 51 tertiary institutions are alleged to have been involved in illegal deductions and exploitation related to the scheme.

NELFUND's Response:

- The organization has denied allegations of mismanagement, calling them "unverified, context-free, and inflammatory".
- Sawyerr clarified that institutions may have withheld students' fees alongside funds received from NELFUND, leading to allegations of exploitation.

Refund Issues:

- Sawyerr emphasized that students are entitled to refunds if they have already paid their fees or someone has paid on their behalf.
- He assured that the organization is working to ensure that students receive their refunds.

Student Applications:

- Sawyerr reported that the NELFUND website has received 512,000 applications, with 1,800 to 2,500 new applications daily.
- He advised applicants to report any challenges accessing the website.

NANS Reaction:

- The National President of the National Association of Nigerian Students (NANS), Olusola Oladoja, has called for the removal of any vice chancellor or rector found guilty of dubious activities related to the Students Loan Scheme.
- Oladoja emphasized that NANS will fight anyone sabotaging the federal government's initiative to support students.

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