CBN, anti-graft agencies to monitor student loan disbursement

A committee comprising representatives of the Central Bank of Nigeria, the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission and the Federal Ministry of Education has been set up to monitor the disbursement of student loans across the beneficiary institutions, The PUNCH reports.This is as the Nigerian Education Loan Fund, in its latest data released on Monday, revealed that over N38.2bn has so far been released to 206 institutions in the form of institutional charges.

The institutional charges are separate from the monthly stipends paid to students, which currently stand at N34.8bn according to the latest statistics from the Fund.

The Director of Corporate Communications of NELFUND, Oseyemi Oluwatuyi, confirming the establishment of the committee, said it was to ensure transparency.

“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“The committee is tasked with monitoring disbursements to ensure integrity, equity, and effective utilisation of public funds in the implementation of the student loan scheme.

“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,” Oluwatuyi said.

So far, over N73bn has been disbursed in the form of institutional and upkeep loans to institutions and students.

The total number of beneficiary students currently stands at 366,247.