The Nigerian Education Loan Fund (NELFUND) has addressed recent claims stating that thousands of students at Ladoke Akintola University of Technology (LAUTECH) in Ogbomoso have yet to receive their approved loans.
In a statement released on Friday in Abuja by Oseyemi Oluwatuyi, Director of Strategic Communications at NELFUND, the agency clarified that the information circulating in the media does not accurately reflect its records.
NELFUND reported that LAUTECH recently submitted a batch of 5,237 students for loan processing, marking its first verified submission for the current disbursement cycle. This disclosure directly contradicts claims made in various forums that over 15,000 approved beneficiaries are still awaiting payment.
The agency confirmed that the submitted batch is in the final stages of the disbursement process, undergoing essential audits and financial checks after having already been processed and approved.
NELFUND explained that loan approval does not guarantee immediate payment, as each application must go through a structured verification and financial processing system to ensure accuracy, transparency, and accountability.\n\nIn this light, the agency emphasized that the process is critical for ensuring that all payments are traceable and consistent with institutional records.
The approved batch represents a financial commitment amounting to ₦1,571,544,300, showcasing NELFUND’s ongoing efforts to enhance access to tertiary education through student financing.
However, NELFUND cautioned institutions against issuing premature or misleading statements regarding the loan scheme, warning that such inaccuracies could lead to unnecessary anxiety among students and undermine public confidence in the program.
The Agency reaffirmed its dedication to collaborating with educational institutions to facilitate a smooth, transparent, and efficient disbursement process for all eligible students.
