A committee comprising representatives from the Central Bank of Nigeria, the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission, and the Federal Ministry of Education has been established to monitor the disbursement of student loans to beneficiary institutions across the country.
The move aims to ensure transparency and accountability in the student loan process while safeguarding public funds.
According to the Nigerian Education Loan Fund (NELFUND), over N38.2 billion has been released to 206 institutions as institutional charges, separate from the N34.8 billion currently disbursed as monthly stipends to students under the scheme.
Director of Corporate Communications at NELFUND, Oseyemi Oluwatuyi, confirmed the committee’s formation, stating that it would oversee disbursement to ensure integrity, equity, and effective utilisation of the funds.
“The committee is tasked with monitoring disbursements to ensure integrity, equity, and effective utilisation of public funds in the implementation of the student loan scheme,” Oluwatuyi said.
He added that NELFUND remains committed to transparency, responsible governance, and collaboration with stakeholders to ensure that eligible Nigerian students receive the support they need to pursue their education.
So far, over N73 billion has been disbursed under the scheme in the form of institutional and upkeep loans, with 366,247 students currently benefiting.
