After NELFUND Named Fraudulent Loan Portal, CBN, Others Set to Monitor Disbursement

• A committee comprising representatives from the Federal Ministry of Education, the EFCC, ICPC and CBN has been established to oversee the distribution of student loans and ensure transparency
• The Nigerian Education Loan Fund has disbursed over N38.2 billion to 206 institutions as institutional charges, with monthly stipends to students currently totalling N34.8 billion.
• In total, over N73 billion in institutional and maintenance loans have been given to 366,247 beneficiaries so far, with the committee tasked to ensure integrity and equity in the use of public funds

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

To oversee the distribution of student loans among the recipient institutions, a committee made up of representatives from the Federal Ministry of Education, the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offenses Commission, and the Central Bank of Nigeria has been established.

This came as the Nigerian Education Loan Fund's most recent data revealed that more than N38.2 billion has already been disbursed to 206 institutions as institutional charges.

According to the most recent data from the Fund, the monthly stipends given to students currently total N34.8 billion, which is distinct from the institutional fees.

The committee was established to enhance transparency, according to Oseyemi Oluwatuyi, Director of Corporate Communications at NELFUND.

“In its ongoing commitment to transparency and accountability, NELFUND has set up a Disbursement Oversight Committee comprising independent representatives from the following key institutions: Federal Ministry of Education, Central Bank of Nigeria, Economic and Financial Crimes Commission and Independent Corrupt Practices and Other Related Offences Commission.

“The committee is tasked with monitoring disbursements to ensure integrity, equity, and effective utilisation of public funds in the implementation of the student loan scheme.

“The Fund reaffirmed its dedication to upholding transparency and responsible governance in all its processes and remains committed to working closely with all stakeholders to ensure that eligible Nigerian students receive the support they need to pursue their academic goals,” Oluwatuyi said.

Institutional and maintenance loans of more than N73 billion have been given to students and institutions thus far. There are 366,247 beneficiaries in total as of right now.

Meanwhile, Students should be wary of a fake webpage with fraudulent messages circulating online, according to a warning from the Nigerian Education Loan Fund.

Mrs. Oseyemi Oluwatuyi, the fund's director of strategic communications, made this announcement in Abuja on Monday.

Oluwatuyi said that the internet messages' content was deceptive.

“The attention of NELFUND has been drawn to a fraudulent message currently circulating online, falsely claiming that President Bola Tinubu has directed the reopening of the NELFUND Student Loan portal.

NELFund applications reach 400,000

Legit.ng reported that the Nigerian Education Loan Fund (NELFund), has said that there is no timeframe for the disbursement of the money to students of the nation's universities.

Nasir Ayitogo, the spokesperson of NELFund, said this while responding to the concerns of expectant beneficiaries who fear they may miss the payment deadline for their school fees.

The worried students had applied for NELFund's institutional charges.

Source: Legit.ng