The Nigerian Education Loan Fund (NELFUND) has announced that earlier issues causing delays in the approval and disbursement of student loans have been resolved, paving the way for a more efficient funding process.
Speaking during a strategic engagement with the management and students of The Polytechnic, Ibadan, in Oyo State, the Director of Monitoring and Evaluation at NELFUND stated that the Fund is now positioned to process and disburse student loans specifically tuition fees within five working days, provided there are no complications or errors from the schools.
He emphasized that the agency has continued to improve its systems to enhance effectiveness, efficiency, and accountability. He urged institutions and students to support these efforts by ensuring that all information provided is accurate and submitted in a timely manner.
During the interactive session, the official reaffirmed that while the application process and eligibility criteria remain unchanged, ongoing investments in the system are aimed at speeding up the disbursement process. He also revealed that more than 6,000 students have successfully submitted loan applications, which are currently being processed, and many have already benefited from the scheme.
The NELFUND team commended the school’s management for its commitment to the programme and promised faster processing of loan applications from the institution.
In his remarks, the Acting Rector of The Polytechnic, Dr. Abiden Taiwo Lasis, apologized to NELFUND for recent communication issues that led to students being asked to pay tuition fees upfront. He explained that the school had been forced to request payments from students due to an eight-month delay in loan disbursements, which had affected the school’s ability to cover essential operational costs such as staff salaries and utility bills.
“Given the assurance we’ve now received from NELFUND regarding prompt disbursements, we will henceforth rely on the Fund to support our students,” he said.
Dr. Lasis also thanked NELFUND for organizing a recent workshop in Abuja for school officials, which, he noted, clarified the loan process and answered several outstanding questions.
The institution’s Director of ICT, Dr. Florence Babalola, disclosed that efforts are underway to refund tuition fees to approximately 25 students whose loans had already been disbursed. She said the students have been asked to visit the Student Affairs Department to complete the required refund documentation.
President of the Student Union Government (SUG), Oladipupo Daniel, stated that his team has been actively involved in sensitizing students about the loan scheme. He attributed the increase in applications to these efforts and pledged to continue raising awareness so more students can benefit.
