NELFUND disburses N372.28m loan to 2,973 UNILORIN students – VC

The Vice-Chancellor of the University of Ilorin, Prof. Wahab Egbewole, has said that 2,973 students of the institution have benefited from the Nigerian Education Loan Fund.

According to the university’s bulletin released on Monday, Egbewole confirmed that Unilorin received two tranches of the loan, with ₦52,879,000 disbursed to 802 students in the first phase and ₦219,407,320 allocated to 2,171 students in the second.

Over 10,000 students of the university applied for an education loan to enable them to meet their financial obligations in the pursuit of their educational career.

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

Egbewole, however, called on the management 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, Egbewole praised 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.

Egbewole noted that many students who might have dropped out of school due to financial difficulties have been able to continue their education, courtesy of NELFUND.