UNILORIN Students Benefit from NELFUND Educational Loan Scheme

Babatunji Wusu –

• Beneficiaries: 2,973 students of the University of Ilorin (UNILORIN) have received financial support through the Nigerian Educational Loan Fund (NELFUND).
• Loan Disbursement: The university received ₦52.8 million for 802 students in the first tranche and ₦219.4 million for 2,171 students in the second tranche.
• High Demand: Over 10,000 students applied for the loan, prompting calls for a third tranche to accommodate more beneficiaries.
• Challenges with Disbursement: Vice-Chancellor Prof. Wahab Egbewole (SAN) urged NELFUND to address issues with the Remita payment system, which has caused delays.
• Positive Impact: The scheme covers tuition fees and provides a monthly stipend, reducing financial burdens and preventing student dropouts.

A total of 2,973 students at the University of Ilorin (UNILORIN) have benefited from the Nigerian Educational Loan Fund (NELFUND), a government initiative aimed at providing financial assistance to students in need.

According to Vice-Chancellor Prof. Wahab Egbewole (SAN), the institution has so far received two tranches of loan disbursements. The first tranche, amounting to ₦52,879,000, covered 802 students, while the second tranche provided ₦219,407,320 for 2,171 students.

Prof. Egbewole revealed that over 10,000 students had applied for the loan, highlighting the urgent need for a third tranche to accommodate more applicants. He also called on NELFUND to streamline the disbursement process, particularly addressing challenges related to the Remita payment system.

“One key issue that students have raised is the difficulty with Remita. There has been some back and forth regarding this, and I believe that NELFUND can sit down to address it,” he stated.

Praising the initiative, Egbewole emphasized that NELFUND has significantly eased students’ financial burdens by covering tuition fees and providing a monthly stipend. He noted that many students who might have been forced to drop out due to financial constraints have been able to continue their education thanks to the fund.

With the increasing demand for financial aid, stakeholders are hopeful that the federal government will expand the NELFUND program to support more students nationwide.