By Our Reporter
D.S. Adegbenro ICT Polytechnic, Ogun State, has dismissed allegations of irregularities in the disbursement of Nigerian Education Loan Fund (NELFUND) loans, insisting that no beneficiary is owed any money and that all funds have been managed in line with approved guidelines.
The Rector of the institution, Dr. Rauf Adegoke, explained that the NELFUND package covers more than tuition fees. According to him, part of the funds is allocated for essential student welfare services, including health insurance, Health Maintenance Organisation (HMO) coverage, security, and other benefits mandated by NELFUND for participating institutions.
Adegoke stated that the Polytechnic has fully complied with these directives by enrolling beneficiaries in health insurance schemes and providing them with access cards for medical services at designated hospitals. He stressed that funds earmarked for such services cannot be transferred directly to students, as they are intended to guarantee their welfare throughout the academic session.
The Rector also disclosed that students who had paid their school fees before receiving NELFUND approval were refunded the amounts they personally paid. He noted that the institution had returned all such payments, regardless of the programme or amount involved, ensuring that no beneficiary suffered financial loss.
Maintaining that all disbursements were carried out according to NELFUND regulations, Adegoke said the Polytechnic has records to verify its compliance. He added that the institution remains committed to transparency and proper administration of the loan scheme, emphasizing that beneficiaries are receiving all the services and support attached to the fund.
The Nigerian Education Loan Fund (NELFUND) was established by the Federal Government under the Student Loans (Access to Higher Education) Act signed by President Bola Tinubu in 2023 and became fully operational when its application portal was launched on May 24, 2024. The initiative was created to remove financial barriers to higher education by providing interest-free loans for tuition and upkeep to eligible students in public tertiary institutions across Nigeria. As of April 2026, more than 1.38 million students had reportedly benefited from the scheme, with over ₦242 billion disbursed for tuition fees and living allowances. To qualify, applicants must be Nigerian students admitted into a recognised public tertiary institution, possess a valid National Identification Number (NIN), Bank Verification Number (BVN), and meet other verification requirements stipulated by NELFUND.