University of Ilorin Receives Two Tranches of NELFUND to Support Students’ Education
The Vice Chancellor of the University of Ilorin, Professor Wahab Olasupo Egbewole, SAN, has announced that the institution has received two tranches of the Nigerian Education Loan Fund (NELFUND), calling the initiative a transformative step for Nigeria’s education system.
Details of the Two Tranches
According to a statement in the university bulletin, the University of Ilorin was granted 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. The Vice Chancellor expressed hope that NELFUND will provide a third tranche to assist even more students, as over 10,000 students have applied for the loan.
Call for Improvements in Loan Disbursement Process
Professor Egbewole also highlighted challenges with the loan disbursement system, particularly the issues with the Remita payment system. He urged NELFUND authorities to address these issues and streamline the disbursement process to make it more efficient for students.
Impact on Students’ Education
Commenting on the positive impact of NELFUND, Professor Egbewole praised the Federal Government for establishing the scheme, which aims to ensure that no student is left behind due to financial constraints. The loan not only covers tuition fees but also provides a monthly stipend, helping students meet other financial needs. Nearly 3,000 students at the university have benefited from this initiative, which has allowed many students to continue their education despite financial struggles.
Broader Social Impact
Professor Egbewole pointed out that some students use a portion of the ₦20,000 monthly stipend to support their families. This support has alleviated the need for students to juggle work alongside their studies, making education more accessible and less financially stressful.
Suggestions for Improving NELFUND
The Vice Chancellor also recommended that NELFUND align its disbursement system with academic calendars and registration periods to make the process smoother. He suggested that the portal be updated to allow universities to indicate their resumption schedules and tuition fees, ensuring funds are available when students need them most.
Long-Term Sustainability of NELFUND
While acknowledging that NELFUND is still in its early stages, Professor Egbewole emphasized the importance of its long-term sustainability. He urged policymakers and education stakeholders to ensure that NELFUND remains a permanent fixture in Nigeria’s education system, enabling future generations of students to achieve their academic dreams without financial hindrance.
“NELFUND is indeed a game changer, and we must sustain it in any way possible,” he concluded, calling for continuous improvement in its implementation.
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