Revealed! CBN, anti-graft agencies to monitor student loan disbursement

• A committee comprising representatives from the Federal Ministry of Education, the EFCC, ICPC and CBN has been established to oversee the organisation of pupil loans and guarantee transparency
• The Nigerian Education Loan Fund has disbursed implicit N38.2 cardinal to 206 institutions arsenic organization charges, with monthly stipends to students presently totalling N34.8 billion.
• In total, implicit N73 cardinal successful organization and attraction loans person been fixed to 366,247 beneficiaries truthful far, with the committee tasked to guarantee integrity and equity successful the usage of nationalist funds

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

To oversee the organisation of pupil loans among the recipient institutions, a committee made up of representatives from the Federal Ministry of Education, the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offenses Commission, and the Central Bank of Nigeria has been established.

Photo Credit: Klaus Vedfelt
Source: Getty Images

This came arsenic the Nigerian Education Loan Fund's astir caller information revealed that much than N38.2 cardinal has already been disbursed to 206 institutions arsenic organization charges.

According to the astir caller information from the Fund, the monthly stipends fixed to students presently full N34.8 billion, which is chiseled from the organization fees.

The committee was established to heighten transparency, according to Oseyemi Oluwatuyi, Director of Corporate Communications astatine NELFUND.

“In its ongoing committedness to transparency and accountability, NELFUND has acceptable up a Disbursement Oversight Committee comprising autarkic representatives from the pursuing cardinal 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 guarantee integrity, equity, and effectual utilisation of nationalist funds successful the implementation of the pupil indebtedness scheme.“The Fund reaffirmed its dedication to upholding transparency and liable governance successful each its processes and remains committed to moving intimately with each stakeholders to guarantee that eligible Nigerian students person the enactment they request to prosecute their world goals,” Oluwatuyi said.

Photo Credit: Contributor
Source: Getty Images

Institutional and attraction loans of much than N73 cardinal person been fixed to students and institutions frankincense far. There are 366,247 beneficiaries successful full arsenic of close now.

Meanwhile, Students should beryllium wary of a fake webpage with fraudulent messages circulating online, according to a informing from the Nigerian Education Loan Fund.

Mrs. Oseyemi Oluwatuyi, the fund's manager of strategical communications, made this announcement successful Abuja connected Monday.

Oluwatuyi said that the net messages' contented was deceptive.

“The attraction of NELFUND has been drawn to a fraudulent connection presently circulating online, falsely claiming that President Bola Tinubu has directed the reopening of the NELFUND Student Loan portal.

NELFund applications scope 400,000

Legit.ng reported that the Nigerian Education Loan Fund (NELFund), has said that determination is no timeframe for the disbursement of the money to students of the nation's universities.

Nasir Ayitogo, the spokesperson of NELFund, said this portion responding to the concerns of expectant beneficiaries who fearfulness they whitethorn miss the outgo deadline for their schoolhouse fees.

The disquieted students had applied for NELFund's organization charges.

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Source: Legit.ng