The University of Ibadan has received N201 million from the Nigerian Education Loan Fund (NELFUND) to pay fees of students who applied for financial assistance through the student loan scheme, the Punch reported on Monday.
This was contained in a circular issued by the Registrar, G.O Salisu, dated August 9, 2024 to the Office of the Dean of Student Affairs.
The circular states that the funds are for 1,370 students of the university who applied for NELFUND loan during the 2023/2024 academic session.
According to The Guardian, Bursary Department is working on issuing smart receipts to the beneficiaries.
Also, students who have already paid their fees and are also beneficiaries of the loan can apply for refund. To do so, they should apply through the Dean of Students to the Deputy Vice-Chancellor, Academic with their bank account details and a photocopy of the original payment receipt.
This student loan is part of President Bola Tinubu’s educational reform programme.
Shortly after President Tinubu’s inauguration, he signed the Access to Higher Education Act which established a legal framework to provide loans to financially disadvantaged Nigerians to pay their fees in tertiary institutions across the country.
NELFUND was established under this law to manage loan requests, grants, disbursements and recoveries. The fund is funded through several sources and is expected to engage in other income generating activities to ensure its viability and impact.
This is to reduce the financial burden on students and increase access to higher education for low income Nigerians.
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