The Nigerian Education Loan Fund (NELFUND) don reveal say e never recover any money from beneficiaries of the student loan scheme, despite say the agency dey spend about ₦16 billion every month to keep the programme running.
NELFUND Managing Director, Akintunde Sawyerr, make the disclosure during interview with ARISE NEWS on Monday, where e explain how the agency dey battle to sustain the scheme over two years after e start operation.
According to am, no repayment don enter NELFUND account from any beneficiary since the loan programme begin.
He explain say the Federal Government dey explore different ways to fund the scheme and make sure say e remain sustainable for the long term.
Sawyerr talk say President Bola Tinubu dey consider how some government funds wey no dey actively used fit be redirected to support education and help young Nigerians.
The NELFUND boss also reveal say government dey look at the possibility of using proceeds recovered from corruption and other financial crimes to support educational programmes.
According to am, many of the resources wey corruption deny the education sector in the past fit now be redirected to benefit the youths wey suffer from poor funding of education.
However, Sawyerr stress say the proposal no mean say government wan encourage plea bargains or protect anybody wey misappropriate public funds.
He explain say once authorities recover looted funds through due process, government fit consider channeling part of the recovered money into programmes wey go benefit young Nigerians, especially students.
Sawyerr further note say NELFUND no fit depend on recovered crime proceeds as permanent source of funding.
According to am, the law wey establish the agency allow am receive donations, attract investments and invest in ventures wey fit generate income to sustain the scheme.
He add say several private sector players don already show interest in supporting the programme because of the impact wey education fit get on employment, economic growth and reduction of crime and insecurity.
Sawyerr maintain say for the student loan scheme to survive for the long term, government, private organisations and Nigerians go need to play active roles in ensuring adequate funding.
