A multi‑agency oversight committee has been introduced to supervise the distribution of student loans under Nigeria’s education finance scheme. The new panel will include representatives from the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC), and the Federal Ministry of Education, working alongside NELFUND, the Nigerian Education Loan Fund .
According to the latest data released by NELFUND, roughly ₦38.2bn has been disbursed to 206 tertiary institutions as institutional charges—separate from the monthly stipends, which total around ₦34.8bn . In total, over ₦73bn has been released in combined institutional and upkeep loans benefiting 366,247 students .
NELFUND’s Director of Corporate Communications, Oseyemi Oluwatuyi, confirmed that the oversight committee aims to ensure transparency, fairness, and proper use of public funds as part of the Fund’s governance reforms . Oluwatuyi emphasized NELFUND’s commitment to working closely with stakeholders to support deserving students in achieving their academic goals .
With this strengthened monitoring framework, the authorities aim to curb fund diversions and guarantee that both institutions and students across Nigeria receive financial aid as intended.
