ABUJA, Nigeria (VOICE OF NAIJA)-The Nigerian Education Loan Fund has clarified reports alleging delays in student loan disbursement to beneficiaries of Ladoke Akintola University of Technology, stating that claims of widespread non-payment were misleading.
In a statement issued in Abuja and signed by NELFUND Director of Strategic Communications, Oseyemi Oluwatuyi, on Friday, the agency said contrary to reports that over 15,000 approved students were awaiting payment, its records show that the institution recently submitted 5,237 students for processing under the current disbursement cycle.
It described the figure as the first verified batch received from LAUTECH for processing, adding that the applications had already reached advanced stages.
“The institution only submitted a batch of 5,237 students for processing within the past week. This submission represents the first verified batch received from the institution for the current disbursement cycle,” the statement read.
NELFUND added that the batch has already been processed and approved, and is now undergoing final administrative checks before payment is completed.
READ ALSO: NELFUND To Close 2024/2025 Loan Application Portal
“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 Finance and Accounts, in line with established procedures designed to ensure transparency, accuracy, and accountability in public fund management,” it said.
The agency further explained that approval does not amount to immediate payment, noting that all applications must pass through structured verification and financial review processes.
“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. This is a critical safeguard to ensure that all payments made under the scheme are accurate, traceable, and aligned with institutional records,” it added.
NELFUND also disclosed that the approved batch amounts to N1,571,544,300, describing it as part of its mandate to expand access to tertiary education through student financing.
The Fund urged institutions to be accurate in their public communication regarding loan processing, warning that misleading statements could cause unnecessary concern 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,” it stated.
It reaffirmed its commitment to transparent and timely disbursement of verified student loans, adding that it will continue working closely with institutions to ensure smooth processing.