NSFAF cannot account for billions

THE latest Namibia Students Financial Assistance Fund (NSFAF) audit report shows that the institution failed to account for more than N$2,7 billion between 2009 and 2010.

Although the report tabled by finance minister Calle Schlettwein in the National Assembly last week dates back to 2010, it provides an insight into how funds meant to assist students cannot be accounted for, while hundreds of students drop out of universities due to a lack of funds. The NSFAF provides financial assistance by way of loans to needy full−time Namibian students enrolled at recognised higher learning institutions. According to the audit report, NSFAF officials failed to provide supporting documents involving N$587 million in 2009 and N$788 million in 2010, which equals N$1, 37 billion.