₦86bn disbursed to 449,000 students — NELFUND boss

The Nigerian Education Loan Fund (NELFUND) has announced the disbursement of ₦86 billion to 449,000 students across federal and state-owned tertiary institutions under its ongoing student loan scheme.

Managing Director Akintunde Sawyerr revealed the figures on Friday during an interview on Channels Television’s Sunrise Daily, noting that the scheme is experiencing rapid growth.

“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, meaning they have completed the process and formally submitted their applications,” Sawyerr said.

According to him, ₦47 billion has been paid directly to 218 institutions, including universities, polytechnics, and colleges of education, for school fees, while ₦38 billion has been disbursed as stipends to students.

He explained that applications are increasing daily by 3,000 to 3,500, with loan processing taking between 30 and 45 days if all criteria are met.

“We’re not working to a deadline to pay people; we’re working to a process that is robust, fully auditable, and accountable,” Sawyerr stressed.

The verification process, he added, involves confirmation of each student’s identity, course, and fees by their institution before payment is authorised. Any discrepancies or unresolved issues halt disbursement.

Responding to ongoing investigations into the scheme’s transparency, Sawyerr emphasised the importance of financial integrity.

“Managing public funds is subject to probity, and vigilance is necessary. There must be responsibility at every stage,” he said, confirming an incident of double payment and suspected collusion.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) had, in May, alleged that ₦71 billion from the scheme was unaccounted for, alongside reports of unauthorised deductions of ₦3,500 to ₦30,000 from students’ institutional fees by some schools.

NELFUND, however, denies any mismanagement.

Meanwhile, the House of Representatives has passed a resolution to investigate alleged breaches of the Student Loan Act, signalling increased legislative oversight of the programme.