The University of Ibadan (UI) has confirmed the receipt of N201 million from the Nigerian Education Loan Fund (NELFUND), earmarked for the payment of fees for 1,370 students who applied for the student loan program.
This development marks a significant step in the implementation of President Bola Tinubu’s flagship education project, aimed at providing financial assistance to indigent or low-income Nigerian students.
EduCeleb.com had in the preceding week reported about NELFUND’s release of the funds to six universities including the UI.
In a circular dated August 9, 2024, and signed by the Registrar, G.O. Salisu, the university acknowledged the transfer and provided details on how eligible students can benefit from the fund.
According to the circular, students who had already paid their fees before receiving the loan can apply for a refund.
“The Nigerian Education Loan Fund has remitted the sum of N201 million only to the university account for the 2023/2024 academic session. This amount is to cover the fees of 1,370 students of our university who applied for the NELFUND loan,” the circular stated.
The university’s Bursary Department is currently processing the funds to generate smart receipts for the beneficiaries.
For students who wish to apply for a refund, the circular outlined the necessary steps: “Any student who is a beneficiary of the NELFUND loan and has already paid levies for the session fee is entitled to a refund. To apply for a refund, the student must write through the Dean of Students to the Deputy Vice-Chancellor, Academic, providing their account details for the refund. A photocopy of the original payment receipt must be attached to each application.”
The student loan scheme was established under the Access to Higher Education Act, which President Tinubu signed into law shortly after his inauguration.
The Act created NELFUND, a body responsible for managing loan requests, disbursement, and recovery. The fund is supported by various revenue streams and is designed to facilitate higher education access for students from financially disadvantaged backgrounds.
This initiative represents a major commitment by the government to ensure that all Nigerians, regardless of economic status, have the opportunity to pursue tertiary education.
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