Nigeria, Aug. 31 -- Sawyerr spoke during an interview with ARISE NEWS monitored by The News Chronicle on Monday, where he explained that NELFUND required adequate capital to provide loans to students under the Federal Government's education financing scheme.

"There is no evidence of any financial misappropriation by NELFUND. The reality of it is that in order for people to take a loan, there has to be some capital they can draw on," he said.

According to Sawyerr, the establishment of NELFUND formed part of the Federal Government's broader welfare interventions following the removal of fuel subsidy.

He said the funds previously allocated to subsidy were being redirected towards programmes designed to support Nigerians, including student...