*The Nigerian Education Loan Fund (NELFUND) wishes to address and clarify recent public statements regarding the alleged non-disbursement of approved student loans to beneficiaries at Ladoke Akintola University of Technology (LAUTECH), Ogbomoso.*
I. REBUTTAL OF NON-DISBURSEMENT CLAIMS
Contrary to circulating reports suggesting that over 15,000 approved student beneficiaries are awaiting disbursement, NELFUND provides the following verified data from its official records:
- Actual Submissions: The institution submitted its first verified batch of 5,237 students for processing only within the past week.
- Batch Status: This specific batch has already been processed and approved. It is currently in the final stages of the disbursement workflow (Audit and Finance & Accounts).
- Financial Commitment: This single approved batch represents a total financial commitment of ₦1,571,544,300.00.
II. UNDERSTANDING THE DISBURSEMENT WORKFLOW
*It is critical to distinguish between loan approval and immediate disbursement. To ensure transparency and the responsible management of public funds, every application must undergo a structured verification system:*
- Institutional Submission: The university must provide verified lists of eligible students.
- NELFUND Verification: Cross-referencing institutional data with internal records for accuracy.
- Internal Audit: A mandatory step to ensure the integrity of the payment request.
- Finance & Accounts: Final processing and fund release to the institution and individual beneficiaries.
These safeguards are in place to ensure that all payments are accurate, traceable, and fully aligned with official university records.
III. ADVISORY TO BENEFICIARY INSTITUTIONS
While NELFUND remains committed to timely disbursements, we urge participating institutions to observe the following:
- Accurate Reporting: Ensure that all public communications accurately reflect the actual status of submissions and the reality of processing timelines.
- Managing Expectations: Premature or misleading representations regarding the number of beneficiaries can create unnecessary anxiety within the student body and undermine public confidence in this national intervention.
- Collaboration: Continued transparency between the fund and university administrations is essential for a seamless and efficient experience for all students.
CONCLUSION: FULFILLING THE NATIONAL MANDATE
NELFUND reaffirms its unwavering commitment to expanding access to tertiary education through sustainable financing. We will continue to work closely with LAUTECH and all participating institutions to ensure that every eligible Nigerian student receives their verified funds without undue delay.
Please be guided accordingly.
Signed:
*Management*
Nigerian Education Loan Fund (NELFUND)