Meanwhile The Managing Director of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyer, on Wednesday dismissed allegations of fund diversion, confirming the receipt of N203 billion as approved by President Bola Tinubu’s administration.

Speaking at an investigative hearing by the House of Representatives Committee on NELFUND and Student Loans, chaired by Hon. Ifeoluwa Ehindero, Sawyer described the earlier ICPC statement alleging N71 billion diversion as inaccurate.

He revealed that out of N54 billion disbursed so far, N30 billion was paid directly to 303 government institutions, while N24 billion was sent to 293,000 students as upkeep. Sawyer explained that NELFUND’s funds came from the Office of the Accountant General (N10bn), TETFund (N143bn), and EFCC proceeds of crime (N50bn).

He emphasized the fund’s strict adherence to legal provisions and its commitment to transparency, adding that the ICPC had since retracted its claim. Hon. Ehindero noted the committee’s responsibility to address public concerns and requested supporting documents before moving to an executive session.