The Nigerian Education Loan Fund (NELFUND) has paid out ₦86 billion in student loans, benefiting 449,000 students.
This was confirmed by the fund’s Managing Director, Akintunde Sawyerr, during an interview on Channels Television.
Sawyerr provided a detailed breakdown of the loan scheme’s progress, noting that out of the 742,000 students who have registered on the portal, 735,000 have submitted formal applications.
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The total disbursement of ₦86 billion includes ₦47 billion for school fees to 218 institutions and ₦38 billion for student stipends.
Sawyerr explained that the loan approval process takes between 30 and 45 days for eligible applicants.
Once an application is submitted, it is sent to the student’s institution for verification of their identity, course of study, and fees.
NELFUND only proceeds with payment after receiving a signed confirmation from the school.
Sawyerr emphasised that this robust process is in place to ensure accountability and prevent fraud.
The NELFUND MD addressed ongoing investigations into the loan scheme, acknowledging concerns about financial transparency.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) announced in May that it was investigating claims of illegal deductions from students’ fees and that ₦71 billion was unaccounted for.
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NELFUND has denied any mismanagement, and the House of Representatives has also launched a separate investigation into alleged violations of the Student Loan Act.
