Chief Executive Officer of Nigerian Education Loan Fund (NELFUND), AkintundeSawyerr
- Senators warn against frivolous projects
- Gets N58.4b budget envelope for this year
The Nigerian Education Loan Fund (NELFUND) as of January 1 has disbursed N116.184 billion as loans to students across 176, 252 beneficiary institutions, it was learnt yesterday…
The Managing Director of NELFUND, Akintunde Sawyer, who made this known during a budget defence session organised by the joint National Assembly Committee on Tertiary Institutions and TETFund, in Abuja, said the N58.4billion was allocated to the agency as expenditure for the 2025 fiscal year.
This is even as Senators warned the Managing Director of the agency to desist from embarking on ‘frivolous’ capital projects that have no bearing with the mandate and responsibilities of the agency.
In his presentation, Sawyer explained that of the N116.184billion, N37.7billion was spent on institution loan.
According to him, 352,796 students applied for the loan, while 108,484 were attended to.
On the 2025 budgetary proposal, the NELFUND boss informed the Senator MuntariDandutse and GboyegaIsiaka-led joint Committee of the National Assembly that N58.4billion budget envelope was given the agency.
According to him, of the N58.4billon budgetary proposal for 2025, N12.2billion is earmarked for personnel cost, N24.7billion for overhead c and N21.4billion for capital expenditure.”
After consideration of the agency’s budgetary proposals, the joint committee accordingly approved it through voice vote put to members.
Earlier before the approval of the agency’s 2025 budgetary proposal, Senator DandutseMuntari, harped on transparency on spending of appropriations made for the agency.
“We will examine NELFUND’s financial plan for the upcoming fiscal year to evaluate its alignment with national educational goals and its capacity to meet the growing demands for student loans because the agency plays an indispensable role in bridging financial gaps for students across our tertiary institutions,” he said.
Moreover, members of the committee warned the agency against running the newly-established loan agency like other Ministries, Departments and Agencies (MDAs) of the Federal Government that end up embarking on projects that have no bearing on their statutory mandates.
Sawyer had listed some projects the agency allocated funds to execute to include: N12billion for the purchase of a headquarters building; N4billion for sensitisation and awareness creation; and N2billion for data capture and operations.
However, senators faulted some of the projects, warning NELFUND against overwhelming itself with extraneous projects like other MDAs.
Senator AdetokunboAbiru, said the agency did not need to budget N12billion to buy a building for its head office operations.
He advised the agency to liaise with the Economic and Financial Crimes Commission (EFCC) and apply for any of the many buildings forfeited to the government as proceeds of crime.
Abiru, who is the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, said: “These are huge expenditures you are using tax prayers’ money to carry out.
“Let us be very careful so that we don’t clog NELFUND with the same problems that have affected many agencies in Nigeria. This is a new organisation.
“If you want the private sector to come in and partner and they do come in, these are the types of figures they will be pointing out.”
