NELFUND: Loan approval, not immediate disbursement, warns LAUTECH against misleading claims
By Uji A. Iliyasu, Abuja
The Nigerian Education Loan Fund (NELFUND) has refuted claims that over 15,000 students of Ladoke Akintola University of Technology (LAUTECH) approved for student loans are yet to receive disbursement.
NELFUND emphasised that loan approval does not equate to immediate payment, noting that each application must pass through rigorous verification and financial procedures to ensure transparency, accuracy and accountability.
In a statement issued on Friday, NELFUND clarified that the institution only recently submitted a verified batch of 5,237 students, the first for the current disbursement cycle.
According to the Fund, the applications in this batch have already been processed and approved, and are currently undergoing the final stages of disbursement, including audit and financial clearance.
The agency disclosed that the approved batch represents a financial commitment of over ₦1.57 billion, underscoring its ongoing efforts to expand access to tertiary education through sustainable financing.
While reaffirming its commitment to timely disbursement, NELFUND cautioned institutions against issuing premature or inaccurate public statements, warning that such claims could create anxiety among students and erode public confidence in the scheme.
The Fund reiterated its readiness to work closely with participating institutions to ensure a smooth and transparent loan disbursement process for eligible Nigerian students.