The Nigerian Education Loan Fund (NELFUND) has pledged to address lingering challenges affecting the disbursement of institutional fees and monthly upkeep allowances for some approved student beneficiaries under the 2023/2024 loan scheme.
This assurance was given by NELFUND’s Director of Strategic Communications, Mr. Oseyemi Oluwatuyi, in response to a formal appeal made to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) by Taiwo Agunloye, a physiotherapy student at Nnamdi Azikiwe University (NAU), Awka, Anambra State.
Agunloye, in the letter acknowledged by both NELFUND and ICPC, expressed concern over the non-payment of upkeep stipends and institutional fees for several students, despite their loan approvals being confirmed over eight months ago.
The ICPC, via a post on its official X (formerly Twitter) page, confirmed it had received the complaint and had forwarded it to the relevant department for necessary action.
In the letter, Agunloye explained that many of the affected students initially submitted bank account details from Microfinance Banks, as requested. However, they were later instructed by NELFUND to switch to commercial bank accounts to enable disbursements. According to him, although most students complied and their updated details reflected on their loan portals, no payments have been made since.
He added that while some peers who experienced no account complications had begun receiving their monthly stipends, those who followed the directive to update bank details have been left without support. This discrepancy, he noted, has negatively impacted students’ well-being, academic performance, and ability to survive financially on campus.
Agunloye urged the ICPC and other relevant authorities to swiftly investigate and resolve the issue, stressing the importance of transparency, fairness, and equal access to the student loan scheme. “We seek urgent intervention to correct what appears to be a serious administrative oversight,” the letter read.
In response, Oluwatuyi said: “We had received the letter earlier and are currently working internally to resolve all pending issues.”
Meanwhile, NELFUND, in an update shared on its X handle, disclosed that a total of ₦73.1 billion has already been disbursed under the student loan initiative. A detailed breakdown shows ₦34.9 billion was paid as upkeep allowances, while ₦38.3 billion covered institutional fees.
So far, 366,247 students across 206 tertiary institutions have benefited from the scheme. Additionally, 624,557 students have applied for loans, with 657,938 registered on the platform.
While NELFUND maintains that disbursements are ongoing, the agency reiterated its commitment to ensuring that all outstanding issues are addressed promptly, especially for students who complied with banking updates and are still awaiting support.
