The Nigerian Education Loan Fund (NELFUND) has debunked claims that thousands of students of Ladoke Akintola University of Technology (LAUTECH) are yet to receive approved student loans, stating that the institution only recently submitted its first batch of beneficiaries for processing.

In a statement issued on Friday in Abuja, NELFUND explained that contrary to reports alleging over 15,000 unpaid beneficiaries, its records show that LAUTECH submitted a total of 5,237 students within the past week. According to the Fund, this represents the first verified batch received from the university for the current disbursement cycle.

NELFUND disclosed that the submitted applications have already been processed and approved, and are currently undergoing the final stages of disbursement, including audit and financial clearance.

The agency emphasized that loan approval does not automatically translate into immediate payment, noting that each application must pass through a structured verification and financial processing system to ensure transparency, accountability, and accuracy.

Providing further insight, NELFUND revealed that the approved batch represents a financial commitment of ₦1.57 billion, underscoring the scale of its ongoing intervention to support access to tertiary education.

While reaffirming its commitment to timely disbursement, the Fund cautioned institutions against making premature or misleading public statements regarding the scheme. It warned that such claims could create unnecessary anxiety among students and erode public confidence in the programme.

NELFUND reiterated its readiness to continue working with participating institutions to ensure a transparent and efficient loan disbursement process for eligible Nigerian students.