Nigerian Education Loan Fund (NELFUND) reacted to rising concerns about delay in the disbursements of funds to benefitting students of tertiary institutions, saying utmost caution must be applied in the management of taxpayers’ money.
Managing Director of NELFUND, Mr. Akintunde Sawyer, acknowledged the delay, particularly in the case of final year students, who applied for the loan.
But Sawyer said the fund was only being careful in “handling government and taxpayers’ money, and no disbursement would be rushed”. He stated this during the fund’s stakeholders’ engagement session and technical workshop on system automation and the loan application process in Abuja on Monday.
According to him, “We have to adhere to our processes. If a person has already paid their fees in their final year, and we’ve paid their tuition, it is the obligation of that individual to go to school. I know my fees are now being paid by an officer.
“But to complain that you’ve already graduated and you’ve left, the fact of the matter is people applied in their final year. You have to go through a process that allows us to make sure that they are the ones who are actually applying and who actually need it. Again, let me just point out this thing about delays.”
The fund also called on the South-south and South-east regions to increase their participation in the student loan scheme, citing a noticeable disparity in applications compared to other parts of the country.
Sawyer said the three-day event, which began on Monday with universities, willcontinue with polytechnics, monotechnics, and institutes tomorrow. The final day, May 7, will feature colleges of education, agriculture, health, and nursing.
Chairman, House Committee on Students Loan, Scholarships, and Higher Education Financing, Ifeoluwa Ehindero, said for the system to be truly effective, there was a need to modernise and streamline how funds were managed, tracked, and delivered to deserving students.
Ehindero said by automating and optimising the NELFUND system, government aimed to create a more transparent, efficient, and responsive process for loan applications, approvals, and disbursements.
The committee chairman stated, “This is essential for the success of the initiative and will go a long way in ensuring that our students benefit in a timely and accountable manner.
“As members of the House of Representatives Committee on Student Loans, we have been working tirelessly to ensure that the legislative framework supports and facilitates these reforms. However, legislative efforts alone are not enough.
“We need your expertise, your feedback, and your active participation to make sure that we have a system that works for everyone from the students applying for loans to the institutions managing the funds.
“This workshop is not just a platform for training but also an opportunity for collaboration. As you interact with the NELFUND system, your insights into how we can improve its functionality will be invaluable in helping us refine and enhance it to meet the needs of our institutions and students.”
Executive Director, Operations, at NELFUND, Mr. Iyal Mustapha, earlier disclosed in his presentation that over 576,058 students had registered, with a total application value of ₦170,437,179,836.