The Nigerian Education Loan Fund (NELFUND) has dismissed claims that thousands of students at Ladoke Akintola University of Technology have not received their approved student loans, clarifying that disbursement processes are already underway for verified beneficiaries.

In a statement issued by its Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, in Abuja, NELFUND described reports alleging that over 15,000 LAUTECH students were yet to receive loan payments as inaccurate and misleading.

According to the Fund, its records show that the institution only recently submitted a batch of 5,237 students for processing, marking the first verified submission from LAUTECH in the current disbursement cycle.

NELFUND confirmed that this batch has been successfully processed and approved and is now at the final stages of disbursement. These stages include audit checks and clearance by the Finance and Accounts Department, in line with procedures designed to ensure accountability and transparency in the management of public funds.

The agency emphasised that approval of student loans does not equate to immediate payment, noting that each application must undergo a structured verification and financial processing system before funds are released.

“The approved batch alone represents a financial commitment of ₦1,571,544,300.00,” the statement noted, highlighting the scale of the intervention and the Fund’s ongoing efforts to expand access to tertiary education through sustainable financing.

NELFUND also cautioned institutions against making premature or inaccurate public statements regarding loan disbursement, warning that such claims could create unnecessary anxiety among students and erode public confidence in the scheme.

Reaffirming its commitment, the Fund pledged to continue working closely with participating institutions to ensure a seamless, transparent, and efficient disbursement process for all eligible Nigerian students. (TRIBUNE)