The Nigerian Education Loan Fund (NELFUND) has dismissed reports alleging delays in the disbursement of student loans to beneficiaries of Ladoke Akintola University of Technology (LAUTECH), stating that the claims are inaccurate and misleading. In a statement issued by its Director of Strategic Communications, Oseyemi Oluwatuyi, the Fund clarified that……
The Nigerian Education Loan Fund (NELFUND) has dismissed reports alleging delays in the disbursement of student loans to beneficiaries of Ladoke Akintola University of Technology (LAUTECH), stating that the claims are inaccurate and misleading.
In a statement issued by its Director of Strategic Communications, Oseyemi Oluwatuyi, the Fund clarified that contrary to reports suggesting over 15,000 students were awaiting payment, only 5,237 applications had been submitted by the institution for processing.
NELFUND noted that the submissions were received within the past week and represent the first verified batch from the university for the current disbursement cycle.
The agency confirmed that all applications in the batch have been processed and approved, adding that they are currently undergoing the final stages before payment.
“These steps, the Fund explained, are necessary to ensure transparency, accuracy, and accountability in the management of public funds.”
It further emphasised that approval of loans does not translate to immediate disbursement, as each application must pass through a structured verification and financial clearance process.
“These steps, the Fund explained, are necessary to ensure transparency, accuracy, and accountability in the management of public funds.”
According to the Fund, the approved applications amount to a total financial commitment of ₦1,571,544,300.00, underscoring its commitment to expanding access to higher education through student financing.
While reiterating its readiness to ensure timely payments, NELFUND urged institutions to provide accurate information regarding submissions and timelines.
“The Fund warned that premature or misleading statements could create unnecessary concern among students and erode public confidence in the initiative.”
NELFUND added that it remains committed to working closely with partner institutions to guarantee a transparent and efficient disbursement process for eligible Nigerian students.