The Nigerian Education Loan Fund (NELFUND) has responded to claims that thousands of students at Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, are yet to receive approved loans.
In a statement released Friday in Abuja, the agency said the figures being circulated do not reflect its records.
According to NELFUND, the institution only recently submitted a batch of 5,237 students for processing—its first verified submission for the current disbursement cycle.
This contradicts claims that over 15,000 approved beneficiaries are still waiting for payment.
The fund confirmed that the submitted batch has already been processed and approved.
It added that the applications are currently at the final stage of the disbursement process, undergoing audit and financial checks.
NELFUND explained that loan approval does not mean instant payment.
Each application must pass through a structured system involving verification and financial processing to ensure
accuracy, transparency, and accountability.
The agency described this process
as necessary to ensure all payments are traceable and aligned with institutional records.
It also noted that the approved batch represents a financial commitment of ₦1,571,544,300.
According to the fund, this reflects its ongoing efforts to expand access to tertiary education through student financing.
NELFUND, however, cautioned institutions against making premature or misleading public statements about the loan scheme.
It warned that inaccurate information could create unnecessary anxiety among students and weaken public confidence in the initiative.
The agency reaffirmed its commitment to working with institutions to ensure a smooth, transparent, and efficient disbursement process for eligible students
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