NELFUND yet to record any loan recoveries as monthly bill hits ₦16bn

The Nigerian Education Loan Fund has yet to begin recovering loans from beneficiaries despite a monthly upkeep bill of about ₦16bn, its Managing Director, Akintunde Sawyerr, said, Punch reports.

Speaking on Arise News, Sawyerr said the two-year-old scheme was still without recoveries, prompting the Federal Government to explore alternative funding sources, including proceeds of crime redirected to benefit young Nigerians.

He clarified this was not meant to encourage plea bargains for looters. Sawyerr said NELFUND could not rely on such funds long-term but was attracting private sector interest given its potential economic impact.