The Federal Government has activated a multi-agency oversight committee to supervise the disbursement of student loans, following the release of over ₦73 billion to students and tertiary institutions across the country.
The Nigerian Education Loan Fund (NELFUND), which manages the scheme, confirmed the establishment of the Disbursement Oversight Committee comprising 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 committee is tasked with ensuring transparency, equity, and responsible allocation of public funds under the student loan programme.
“This initiative reflects our strong commitment to transparency and accountability,” said Oseyemi Oluwatuyi, Director of Corporate Communications at NELFUND.
“We’re working closely with independent institutions to guarantee proper oversight and fair implementation of the scheme.”
According to new data released by NELFUND on Monday, a total of ₦38.2 billion has been disbursed to 206 approved institutions under institutional charges. This is in addition to ₦34.8 billion currently allocated as monthly stipends to student beneficiaries.
As of now, the total number of students benefiting from the loan scheme stands at 366,247.
The student loan programme is part of the government’s broader push to expand access to higher education while reinforcing accountability in public finance management.
Stakeholders say the involvement of top regulatory and anti-corruption agencies marks a significant step toward safeguarding the integrity of the initiative, especially amid growing concerns about transparency in public sector disbursements.