NELFUND:University of Ibadan Receives Over N201m For 1,370 Students

By: Abdulwasiu Akintunde 

The University of Ibadan has confirmed the receipt of N201,114,650 in tuition fees for 1,370 students for the 2023/2024 academic session. 

As gathered by OPEN TELEVISION Naija (OTN) News, these funds were directly deposited into the University's account for students who secured loans through the Nigerian Education Loan Fund (NELFUND), a Federal Government initiative. 

According to a leaked memo from the University's registrar, Ganiyu Saliu, to the Dean of Students’ Affairs, the institution assured that any student who has benefited from the NELFUND loan and has already paid their session fees is eligible for a refund. 

The procedure for claiming the refund involves writing to the Deputy Vice-Chancellor, Academic, through the Dean of Students, and attaching a photocopy of the original payment receipt. This process is exclusively for students whose NELFUND loan applications have been approved.

The memo, which was obtained by OTN News was also verified by a University source who wished to remain anonymous. 

The memo explicitly states that the Nigerian Education Loan Fund (NELFUND) has transferred N201,114,650 to the University of Ibadan’s account, covering the fees of 1,370 students who applied for the loan. 

The Bursary Department is now processing these funds so that the students can obtain their Smart Receipts.

A source within the institution noted that the Bursary Department is in the process of compiling a list of loan beneficiaries. 

In conclusion, this development is seen as a positive step for the education sector, as it is expected to significantly boost student morale by facilitating access to federal student loans.