The Nigerian Education Loan Fund (NELFUND) has disbursed ₦86 billion to 449,000 students under its student loan programme, according to its Managing Director, Akintunde Sawyerr.
Speaking on Channels Television's Sunrise Daily on Friday, Sawyerr said the disbursement follows 735,000 completed applications out of 742,000 registered on the NELFUND portal.
“As of this morning, 742,000 students have registered and been cleared as potential applicants. Of that number, 735,000 have completed the application process, and 449,000 have received support,” he said.
According to Sawyerr, the disbursed funds include ₦47 billion paid directly to 218 federal and state-owned tertiary institutions—universities, polytechnics, and colleges of education—for tuition, and ₦38 billion provided as stipends to students.
He noted that application numbers are rising by 3,000 to 3,500 daily.
On the loan processing timeline, Sawyerr explained that approvals typically take 30 to 45 days if applicants meet all requirements. Once verified by the respective institutions, disbursement proceeds. Any discrepancies, either at the individual or institutional level, halt the process until resolved.
“We’re committed to a transparent and accountable system. Once applications are verified by the schools—confirming the student’s identity, course, and fees—we proceed with payment,” he stated.
Addressing concerns over alleged irregularities in the scheme, Sawyerr acknowledged the need for strict accountability. He confirmed one incident involving double payment and suspected collusion.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) had launched an investigation in May over unaccounted funds—claiming ₦71 billion might be missing. It also cited reports of unlawful deductions by institutions, ranging from ₦3,500 to ₦30,000.
NELFUND, however, denied any financial misconduct. Meanwhile, the House of Representatives has resolved to investigate alleged breaches of the Student Loan Act.
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