NSFAF to investigate millions in lost funds

18 Jul 2016 17:30pm
WINDHOEK, 18 JUL (NAMPA) - The Namibia Students Financial Assistance Fund (NSFAF) is attempting to find solutions to funds that are unaccounted for that were disbursed to students in the past.
This was said by NSFAF Chief Executive Officer (CEO) Hiliya Nghiwete, when she appeared before the Parliamentary Standing Committee on Public Accounts on Monday.
The standing committee wanted explanations for the differences between the NSFAF's general ledger and other financial statements for the financial years ended 31 March 2009 amounting to N.dollars 342 027 473 and for 2010 amounting to N.dollars 373 462 174.
She however could not explain the inconsistencies and informed the committee that the fund was administered by the Ministry of Education, Arts and Culture, as it was a directorate in that ministry during those financial years.
She informed the committee that when she took over as the CEO of the NSFAF, there was no official handover of financial documents as there were no such documents.
The NSFAF is therefore working with the Namibia Statistics Agency (NSA) to scan all the files to see how much money was disbursed as student money and how much for support between 1997 and 2013.
Nghiwete added that the fund also wants to determine what portion of the monies disbursed between 1997 and 2013 constituted loans and what portion was given as grants.
The process will take between three to six months, she added.
According to information from the standing committee, expenditure vouchers, revenue supporting documents and bank statements amounting to N.dollars 587 703 464 and N.dollars 788 302 208 for the financial years ended 31 March 2009 and 2010 respectively, were not submitted for audit purposes.
The NSFAF was established in 1997 as a Government loan scheme.