The Federal Government has set up a committee to monitor the disbursement of student loans across tertiary institutions in Nigeria. The committee includes representatives from the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC) and the Federal Ministry of Education.
This move follows the release of over ₦73 billion by the Nigerian Education Loan Fund (NELFUND) to support students and institutions. According to NELFUND’s latest update on Monday, ₦38.2 billion has been disbursed to 206 institutions as institutional charges, while ₦34.8 billion has been paid as monthly stipends to students.
Oseyemi Oluwatuyi, Director of Corporate Communications at NELFUND, confirmed the establishment of the Disbursement Oversight Committee. He said the committee was created to ensure transparency, fairness and proper use of public funds in managing the student loan scheme.
The Fund reiterated its commitment to accountability and pledged to work with stakeholders to make sure eligible students continue to receive the financial support needed for their education.
So far, 366,247 students have benefited from the scheme.