The Nigerian Education Loan Fund (NELFUND) has disbursed ₦86 billion to 449,000 students out of 735,000 applicants under its student loan scheme, according to its Managing Director, Akintunde Sawyerr.
Speaking in an interview on Friday, Sawyerr said ₦47 billion was paid directly to 218 federal and state-owned tertiary institutions, while ₦38 billion was issued as stipends. He noted that applications are growing by about 3,000 to 3,500 daily, with 742,000 students already registered on the portal.
Sawyerr explained that the loan processing period ranges between 30 and 45 days, involving verification by applicants’ institutions before payment is approved. “We’re not working to a deadline to pay people; we’re working to a process that is robust, fully auditable, and accountable,” he said, adding that payments are delayed if discrepancies arise.
The NELFUND chief also acknowledged accountability concerns, citing a case of double payment and alleged collusion. His comments follow an ongoing probe by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which alleged that ₦71 billion from the scheme was unaccounted for and accused some schools of making illegal deductions from students’ fees. NELFUND has denied any mismanagement.
Meanwhile, the House of Representatives has passed a resolution to investigate alleged violations of the Student Loan Act.
