CBN and Anti-Graft Agencies to Oversee NELFUND Student Loan Disbursement
The Nigerian Education Loan Fund (NELFUND) has announced the formation of a high-level oversight committee to ensure transparency and accountability in the disbursement of student loans. The committee includes representatives from the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Federal Ministry of Education.
This decision comes as NELFUND disclosed that over ₦73 billion has already been disbursed under the national student loan scheme. According to the latest figures released on Monday, ₦38.2 billion has gone to 206 institutions to cover institutional charges, while ₦34.8 billion was released as monthly stipends to students.
The Director of Corporate Communications at NELFUND, Oseyemi Oluwatuyi, confirmed that the newly created Disbursement Oversight Committee is designed to uphold transparency, integrity, and fairness in the allocation and use of the funds.
“In its ongoing commitment to transparency and accountability, NELFUND has set up a Disbursement Oversight Committee comprising independent representatives from the Federal Ministry of Education, CBN, EFCC, and ICPC,” Oluwatuyi said. “The committee is tasked with monitoring disbursements to ensure integrity, equity, and effective utilisation of public funds.”
So far, 366,247 students across the country have benefitted from the programme, which aims to make higher education more accessible to Nigerian youths, especially amid rising tuition and economic pressure.
The student loan initiative, part of President Bola Tinubu’s education reform agenda, is intended to support tuition and living expenses for students in need. The fund aims to eliminate financial barriers to tertiary education, offering both institutional and upkeep loans.
As oversight efforts intensify, stakeholders have praised the inclusion of Nigeria’s top anti-graft and regulatory agencies in the loan monitoring process. Experts say this move may boost public confidence in the programme and prevent abuse of funds meant to support disadvantaged students.
With a growing number of beneficiaries and billions of naira already distributed, NELFUND’s latest step marks a significant shift toward ensuring transparency, accountability, and long-term sustainability of the student loan scheme.