In a significant development, the Nigerian Education Loan Fund (NELFUND) has disbursed a total of N372.28 billion in loans to 2,973 students at the University of Ilorin (UNILORIN), according to the Vice-Chancellor, Prof. Wahab Egbewole. The funding, which aims to ease the financial burden on students, is part of the government’s efforts to ensure that no student is excluded from education due to financial constraints.
In a bulletin released on Monday, Prof. Egbewole revealed that the university received the loan in two phases. The first phase saw N52.87 million allocated to 802 students, while the second phase disbursed a much larger sum of N219.4 million to 2,171 students.
While over 10,000 students at UNILORIN applied for the education loan, Egbewole expressed hope that NELFUND would offer a third tranche to accommodate more applicants. “We are optimistic that as the program continues, more students will benefit,” he stated. However, he also called for improvements in the loan disbursement process, specifically highlighting difficulties with the Remita payment system. Egbewole encouraged NELFUND management to address these challenges to ensure smoother transactions.
The Vice-Chancellor commended the federal government for establishing the NELFUND initiative, noting its positive impact on students. He explained that the loan scheme not only covers tuition fees but also provides monthly stipends to beneficiaries, significantly easing financial pressures. Many students, who might have otherwise dropped out due to financial struggles, are now able to continue their studies thanks to the support provided by NELFUND.
This initiative highlights the government’s commitment to making higher education accessible to all students, regardless of their financial backgrounds.
