The Nigerian Education Loan Fund (NELFUND) has disbursed ₦86 billion to support 449,000 students under its ongoing student loan programme, out of 735,000 applications received so far.
Managing Director Akintunde Sawyerr disclosed the figures on Friday during an interview on Sunrise Daily, noting that 742,000 students had registered on the portal, with applications growing by 3,000 to 3,500 daily.
According to him, ₦47 billion has been paid directly to 218 federal and state-owned tertiary institutions — including universities, polytechnics, and colleges of education — for tuition, while ₦38 billion was disbursed as stipends.
Sawyerr explained that the turnaround time for processing loans is between 30 and 45 days, provided applicants meet all requirements. Applications are first verified by the respective institutions before payments are authorised.
He stressed that accountability measures are in place, revealing that one case of double payment and alleged collusion had been recorded.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) is investigating reports of discrepancies in the scheme, including claims that ₦71 billion is unaccounted for and allegations of illegal deductions from students’ fees by some schools. NELFUND has denied any mismanagement.
Separately, the House of Representatives has passed a resolution to investigate alleged violations of the Student Loan Act.
