NELFUND Faces ₦16bn Monthly Bill, No Loan Recoveries Yet
The Nigerian Education Loan Fund (NELFUND) has not initiated loan recoveries from beneficiaries, despite incurring a monthly upkeep cost of approximately ₦16 billion, according to Managing Director Akintunde Sawyerr. In an interview with ARISE NEWS on Monday, Sawyerr indicated that the Federal Government is investigating alternative funding strategies to ensure the sustainability of the student loan scheme, which has been operational for over two years.
He expressed concerns regarding the lack of loan recoveries and the implications for the scheme's financial obligations. Sawyerr mentioned that President Bola Ahmed Tinubu is seeking innovative ways to fund education, potentially utilizing recovered proceeds from crime to support the initiative.
He clarified that this proposal is not intended to encourage plea bargaining for misappropriated public funds but aims to redirect recovered resources to benefit young Nigerians affected by the misallocation of public resources.
Plus234Feed summary based on reporting from Punch Newspapers. Read the original report below.
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