Nigerian Education Loan Fund Disburses ₦54 Billion, Reaffirms Commitment To Transparency.
The Nigerian Education Loan Fund (NELFund) has reiterated its dedication to transparent and accountable disbursement of student loans, ensuring funds are used exclusively to support Nigerian students. This assurance was given by NELFund’s Managing Director, Akintunde Sawyerr, during an oversight meeting with the House Committee on NELFund on Wednesday in Abuja.
Sawyerr emphasised that 90 per cent of all funds received by NELFund are allocated strictly for student loans, as mandated by law. “These funds must go towards paying students’ fees and cannot be diverted or used for any other purpose,” he stated, adding that any deviation would constitute a legal breach.
Providing an update on the agency’s progress, Sawyerr revealed that NELFund has disbursed a total of ₦54 billion to students and institutions nationwide. This includes payments to 303 government-owned tertiary institutions, such as universities, polytechnics, and colleges of education. Of the total, ₦30 billion was paid directly to institutions to cover fees, while ₦24 billion was distributed as stipends to 293,000 students enrolled in public tertiary institutions.
The oversight meeting was convened following concerns raised by the House Committee on NELFund, chaired by Rep. Ifeoluwa Ehindaro. The committee sought clarification on the agency’s disbursement processes and administration of funds, particularly in light of recent allegations by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) regarding potential fund diversions at NELFund. “You have been invited to provide clarification and enlighten this committee on issues surrounding the disbursement and administration of student loans,” Ehindaro stated.
Sawyerr’s disclosures underscore NELFund’s efforts to support Nigerian students by easing the financial burden of tertiary education while maintaining strict adherence to its legal mandate. The agency’s widespread disbursements reflect a significant step towards improving access to education across the country.
As the House Committee continues its oversight, NELFund’s commitment to transparency is expected to address public concerns and strengthen confidence in the student loan programme. The agency’s ongoing efforts aim to ensure that Nigerian students receive the financial support they need to pursue their academic aspirations.