The Nigerian Education Loan Fund (NELFUND) has disbursed ₦86 billion to 449,000 students under its student loan scheme, out of 735,000 completed applications.
Managing Director Akintunde Sawyerr disclosed this on Friday during an interview on Channels Television’s Sunrise Daily. He said the disbursement covers both tuition fees paid directly to institutions and stipends released to beneficiaries.
“As of this morning, 742,000 students have registered on our portal and been cleared as potential applicants. Of that number, 735,000 have applied for the loan, and 449,000 have benefitted,” Sawyerr said, adding that applications are increasing by 3,000 to 3,500 daily.
He explained that ₦47 billion has been paid to 218 federal and state-owned tertiary institutions — including universities, polytechnics, and colleges of education — while ₦38 billion has been disbursed as stipends.
The NELFUND chief noted that loan processing takes between 30 and 45 days if applicants meet all requirements. According to him, applications undergo verification by the respective institutions to confirm the student’s identity, course of study, and fees before payment is approved.
On concerns over transparency, Sawyerr emphasised that managing public funds requires accountability. He acknowledged isolated cases of double payment and alleged collusion, which are being addressed.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) had in May announced an investigation into alleged discrepancies in the loan disbursement process, claiming ₦71 billion was unaccounted for and citing reports of illegal deductions by some schools. NELFUND, however, denied any mismanagement.
The House of Representatives has also passed a resolution to probe alleged violations of the Student Loan Act.
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