In the midst of a corruption investigation, Nelfund said ₦ 86 billion was held to 449,000 students

Nigerian education loan funds (Nelfund) have disbursed a total of 86 billion under their student loan programs to 449,000 students throughout the country.

Nelfund Director, Akintunde Sawyerr, revealed the numbers on Friday when the appearance on the Sunrise Daily television channel.

He said the funds had received 735,000 formal applications from 742,000 registered potential applicants, with the number increased every day between 3,000 and 3,500.

According to Sawyerr, 47 billion has been paid directly to 218 tertiary institutions owned by Federal and state, while ₦ 38 billion has been released as an allowance for students. Recipients including those whose tuition fees have been fully borne and those who receive installment payments.

Also read: Nelfund Refusing Reports About Wrong Take a Take Call for Student Loan Schemes

The Head of Nelfund described the loan processing period between 30 and 45 days, explaining that the application was first sent to the institution for verification before the funds were released.

“We do not work for the deadline to pay for people; we work in a strong process, can be fully audited, and responsible. Only after the school confirms the identity, study courses, and student costs, we continue with payment,” said Sawyerr.

He also acknowledged the need for strict supervision of public funds, revealed that the agency had identified an example of a double payment and a case of alleged collusion.

In May, the practice of independent corruption and other related violation commissions (ICPC) launched an investigation of alleged differences in the disbursement process, claiming ₦ 71 billion was not calculated.

The commission also accused that several institutions made an illegal reduction from student costs, ranging from ₦ 3,500 to ₦ 30,000. Nelfund denied wrong.

Meanwhile, the House of Representatives has issued a resolution to investigate alleged violations of student loan laws, which signifies sustainable supervision of the scheme.

Mayowa Oladeji