LAUTECH NELFUND Update: What Students Should Know

The Nigerian Education Loan Fund, NELFUND, has issued a clarification on recent public statements about the alleged non-disbursement of approved student loans to beneficiaries of Ladoke Akintola University of Technology, Ogbomoso.

NELFUND said the claim that over 15,000 approved student beneficiaries are yet to receive disbursement does not match its records. The Fund stated that LAUTECH submitted 5,237 students for processing within the past week; it described that submission as the first verified batch received from the school for the current disbursement cycle.

What NELFUND said about the LAUTECH batch

According to NELFUND, the 5,237-student batch has already been processed and approved.

The Fund added that the batch is now moving through the final stages of the disbursement workflow, including Audit and Finance and Accounts. That stage, in plain terms, sits close to payment; still, the Fund made it clear that approval and disbursement are not the same thing.

Why approved student loans may not reach students at once

NELFUND said loan approval does not mean instant disbursement.

The Fund explained that each application must pass through a verification and financial processing system before payment can go out. It said this process helps to make sure payments are accurate, traceable, and tied to school records. For students watching closely, that detail matters a great deal.

Value of the approved LAUTECH batch

NELFUND said the approved batch alone has a value of N1,571,544,300.00.

That figure shows the size of the batch already processed for LAUTECH students. The Fund used it to show that work on the scheme is already under way; the money involved is plain to see.

NELFUND’s message to schools on public statements

NELFUND said it remains committed to the timely disbursement of all duly processed and verified student loans.

At the same time, it advised beneficiary schools to make sure public statements on the scheme reflect the real status of submissions and processing timelines. The Fund said early or misleading claims can create anxiety among students and the public; they can also weaken trust in the scheme.

What this means for LAUTECH student loan beneficiaries

The key point from the clarification is direct. NELFUND said LAUTECH has, for the current cycle, submitted one first verified batch of 5,237 students, and that batch has already been processed and approved.

The disbursement has not been described as complete yet. NELFUND said the batch is still passing through the last payment stages, namely Audit and Finance and Accounts.

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