The Federal Government has inaugurated a multi-agency committee to monitor the disbursement of student loans across Nigerian tertiary institutions, in a renewed push to ensure transparency and accountability in the implementation of the national student loan programme.
The committee comprises representatives from the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Federal Ministry of Education.
The move comes as the Nigerian Education Loan Fund (NELFUND) announced that over ₦73 billion has been disbursed so far under the scheme, benefiting 366,247 students nationwide.
In its latest update released Monday, NELFUND revealed that ₦38.2 billion has been allocated to 206 institutions to cover institutional charges such as tuition and other school fees. In addition, ₦34.8 billion has been paid directly to students in the form of monthly upkeep stipends.
Confirming the development, NELFUND’s Director of Corporate Communications, Oseyemi Oluwatuyi, said the Disbursement Oversight Committee was established to uphold the integrity of the programme.
“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,” Oluwatuyi said.
He added that the committee is mandated to monitor the disbursement process and ensure equitable, transparent, and efficient use of public funds in supporting Nigerian students.
“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,” he said.
Since its rollout, the student loan initiative has been hailed as a transformative step toward improving access to higher education for students from low- and middle-income backgrounds. With institutions and students receiving significant financial backing, attention is now shifting to how effectively the funds are utilized and the long-term sustainability of the scheme
