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The Nigerian Education Loan Fund (NELFUND) has clarified the status of student loan disbursements to beneficiaries of Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, disputing claims that thousands of approved applicants are yet to receive funds.
In a statement issued on Friday in Abuja, NELFUND said reports suggesting that over 15,000 approved students had not been paid were inaccurate and did not reflect its official records.
According to the Fund, the institution only recently submitted a batch of 5,237 students for processing, noting that the submission was received within the past week.
“Contrary to claims suggesting that over 15,000 approved student beneficiaries are yet to receive disbursements, NELFUND’s records indicate that the institution only submitted a batch of 5,237 students for processing within the past week,” the statement read.
The agency explained that the submitted batch represents the first verified set of beneficiaries received from LAUTECH for the current disbursement cycle.
NELFUND further disclosed that the applications have already been processed and approved, and are currently undergoing the final stages of disbursement.
“We confirm that this batch has already been duly processed and approved and is currently progressing through the final stages of the disbursement workflow, including audit and financial controls,” it stated.
The Fund emphasised that loan approval does not automatically translate to immediate payment, stressing that each application must pass through a structured verification and financial processing system.
“It is important to emphasise that loan approval does not automatically translate to immediate disbursement, as each application must pass through a structured verification and financial processing system,” NELFUND added.
Providing further insight, the agency said the approved batch represents a financial commitment of ₦1,571,544,300, underscoring its ongoing efforts to expand access to tertiary education through sustainable financing.
NELFUND also urged institutions and stakeholders to ensure accurate public communication regarding the scheme to avoid creating unnecessary anxiety among students.
“Premature or misleading representations risk creating unnecessary anxiety among students and the public, and may undermine confidence in a national intervention that is already delivering measurable impact,” the statement said.
The Fund reaffirmed its commitment to timely disbursement of all verified loans and pledged continued collaboration with participating institutions to ensure a transparent and efficient process.
