The Nigerian Education Loan Fund, NELFUND, has debunked claims of widespread delays in the disbursement of approved student loans to beneficiaries of Ladoke Akintola University of Technology, LAUTECH, Ogbomoso, clarifying that the process is ongoing and in its final stages for verified applicants.
Director of Strategic Communications at NELFUND, Mrs Oseyemi Oluwatuyi, in a statement issued on Friday in Abuja, said assertions that over 15,000 approved students were yet to receive funds are inaccurate.
According to Oluwatuyi, the institution only recently submitted a verified batch of 5,237 students for the current disbursement cycle, its first for the period under review.
She confirmed that the submitted batch has been fully processed and approved, and is currently undergoing the final stages of disbursement, including audit and financial clearance procedures.
The Fund noted that these steps are essential to ensure transparency, accountability, and accuracy in the management of public funds.
NELFUND emphasised that loan approval does not equate to immediate payment, explaining that each application must pass through a structured verification and financial processing framework.
It said this serves as a safeguard to guarantee that all disbursements are properly validated, traceable, and aligned with institutional records.
While highlighting the scale of the intervention, the Fund disclosed that the approved batch represents a financial commitment of N1.57 billion, underscoring its continued efforts to expand access to tertiary education through sustainable financing.
While reaffirming its commitment to the timely release of funds to eligible students, NELFUND cautioned institutions against issuing premature or misleading public statements.
It warned that inaccurate representations of the disbursement process could create unnecessary anxiety among beneficiaries and erode public confidence in the scheme.
The Fund reiterated its readiness to collaborate with participating institutions to ensure a seamless, transparent, and efficient loan disbursement process for Nigerian students.
