Unilorin Receives Two Tranches of NELFUND - VC

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The Vice Chancellor of the University of Ilorin, Prof. Wahab Olasupo Egbewole, SAN, has stated that the university had received two tranches of the Nigerian Education Loan Fund (NELFUND), describing the scheme as a transformative initiative for the nation's education system. Prof. Egbewole, made this disclosure while featuring on the NTA News 24, Abuja programme, 'Late Edition', explained that the University of Ilorin received a sum of ₦52,879,000 for 802 students in the first tranche and ₦219,407,320 for 2,171 students in the second tranche.         

While hoping that NELFUND will provide a third tranche to cater to more students, the Prof. Egbewole said that the university hopes to improve on the first two tranches as more than 10,000 students have applied for the NELFUND loan.

The Vice-Chancellor also used the medium to call on the authorities of NELFUND to streamline the loan disbursement process, citing challenges relating to the Remita payment system. He said, “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”.

On the impact of NELFUND on the students of the University of Ilorin, the Vice-Chancellor lauded the Federal Government for establishing the scheme with its objective of ensuring that no student is left behind due to financial constraints. He noted that beyond covering tuition fees, the scheme also provides a monthly stipend to beneficiaries, thereby easing the financial burden on the students.

While explaining that nearly 3,000 students of UNILORIN have benefited from the initiative, Prof. Egbewole opined that many students who might have dropped out of school due to financial difficulties have been able to continue their education thanks to the scheme.

Commenting on the broader social impact of the programme, particularly the stipends provided to students, Prof. Egbewole said, “I am aware that out of the ₦20,000 monthly stipend, some students even send a fraction to their families. A few of them have personally thanked me, as though I gave them the money myself. I always tell them to appreciate NELFUND and the Federal Government for creating this opportunity. Before now, many of them had to juggle work, tuition fees, and supporting their families. Now, education is more accessible and less financially stressful.”

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