The Nigerian Education Loan Fund (NELFUND) has debunked claims that over 15,000 Ladoke Akintola University of Technology (LAUTECH) students approved for loans were yet to receive disbursement, stating that the institution only recently submitted 5,237 beneficiaries for processing.

In a statement signed by NELFUND’s Director, Strategic Communications, Mrs Oseyemi Oluwatuyi, the Fund revealed that the figure being circulated in public discourse was inaccurate and misleading, noting that the 5,237 students represent the first verified batch received from LAUTECH for the current disbursement cycle.

The Fund disclosed that the submitted batch has already been processed and approved, and is currently undergoing the final stages of disbursement, including audit and financial clearance.

The statement partly reads: “The approved batch alone represents a significant financial commitment of ₦1,571,544,300.00, demonstrating NELFUND’s active and ongoing fulfilment of its mandate.”

NELFUND explained that loan approval does not translate to immediate payment, as applications must pass through a structured verification and financial workflow to ensure transparency, accuracy and accountability.

The agency cautioned institutions against issuing premature or misleading statements about the scheme, warning that such claims could create unnecessary anxiety among students and erode public confidence.

It urged beneficiary institutions to ensure that public communications accurately reflect the status of submissions and processing timelines.

NELFUND reiterated its commitment to the timely disbursement of all verified student loans and pledged continued collaboration with participating institutions to ensure a seamless and transparent process.