The agency in charge of Tinubu students loan, Nigerian Education Loan Fund (NELFUND), confirmed that it's distributed N59.8 billion loans to students as of June 5 2024. The agency also said that the total number of students now benefiting from the loan is 298,124.
Breaking the loans down, N30.2 billion has been disbursed for institutional fees, and N29.6 billion has been disbursed for the students’ upkeep and stipend. With all these analysis NELFUND has shown to the general public via their X page, many students have reported and expressed anger about the initiative.
Under the NELFUND post's on X, formerly Twitter, @Temmy_Dayo_ said: "NELFUND needs to pay upkeep to thousands of students who corrected their account details last year. Our April payment status shows 'disbursed,' yet we haven’t received any funds. This lack of transparency is unacceptable, and it feels like theft."
Pay upkeep to thousands of students that corrected their accounts details since last year❕
— DY💲 (@Temmy_Dayo_) June 7, 2025
And even our April payment status is showing "disbursed" when we have not received any upkeep at all. You people are thieves. You people are not transparent at all. @NELFUND
The situation is no different from other students who have applied for the NELFUND loan. Many of them keep complaining that the April upkeep loan is showing disbursed on their dashboard but no disbursement was made into their accounts. They accused NELFUND that the data they're showing to Nigerians are completely lies.
Bunch of bloody liarrsss. April upkeep I never see, on top loan wey I go pay back una dey do anyhow
— Isaiah Utitofon (@Joepride15) June 7, 2025
Rubbish and inefficient set of people,@NELFUND
However, it's important to note that NELFUND didn't give any response to any of these complaints at the time of writing of this article. Even with that, what actually happened? Why are students not receiving their loans after seeing disbursed in their dashboard?
The students complaints is not the only issue facing NELFUND. Let me bring it to your knowledge that there's also unresolved missing sum of N71.2 billion.
In addition to that, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) also launched a thorough investigation into alleged irregularities in the student loan disbursement process immediately after the concerns about the missing sum of N71.2 billion.
ICPC launched the investigation into NELFUND's activities after claims surfaced that 51 tertiary institutions made improper deductions from student loans. These allegations have raised serious concerns about how the funds are being managed and distributed.
Despite the Federal Government allocating N100 billion for the student loan program, only N28.8 billion has reportedly reached students directly, leaving N71.2 billion unaccounted for.
NELFUND, however, has firmly rejected accusations of mismanagement, asserting that no funds are missing from its current student loan initiative. But students are complaining that they're seeing disbursed but no account of funds in their bank accounts.
What do you think about these situation? Let's hear your opinions in the comments section. Related Guide: How to Cancel NELFUND Students Loan.