The Managing Director of NELFUND, Akintunde Sawyerr, disclosed this on Wednesday during a press briefing in Abuja
He said the fund had discovered cases of students benefiting from the loan scheme while their parents continued to pay their tuition fees.
He added that delays could sometimes occur because of the financial institutions involved in processing the payments.
Providing an update, Iyal disclosed that about 400,000 students were covered by the pilot phase of the payment system.
He said around 20,000 additional students had been recorded between the previous week and the week of the briefing, while the system processed transactions for nearly 5,000 students daily.
Iyal further explained that each student had a wallet linked to their application identification number. The wallet system helps the fund manage payments, while institutional fees and upkeep allowances are handled separately.
The Federal Government introduced the student loan scheme to help eligible students access higher education without being prevented from enrolling because they cannot pay their school fees upfront.
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