The University of Ibadan has announced that it has received N201,114,650 from the Nigerian Education Loan Fund (NELFUND) to support 1,370 of its students for the 2023/2024 academic session. This loan is intended to help students cover their tuition fees, providing much-needed financial relief for those who applied for the loan.
Mrs. Joke Akinpelu, the university’s Director of Public Relations, confirmed this development to the News Agency of Nigeria (NAN) on Tuesday in Ibadan. The funds were transferred directly into the university’s account to cover the tuition fees of the students who successfully applied for the loan.
An internal memo, dated August 9 and made available to NAN, provided further details about the disbursement. The memo, which was signed by the University of Ibadan’s Registrar, Mr. Ganiyu Saliu, and addressed to the Dean of Students, stated that the bursary department is currently processing the funds. This processing is necessary to enable the concerned students to obtain a ‘smart receipt,’ which serves as proof of payment.
The memo also addressed a situation for students who had already paid their session fees before the NELFUND loan was disbursed. According to the memo, these students are entitled to a refund of the fees they have already paid.
To claim this refund, students must submit an application through the Dean of Students to the Deputy Vice-Chancellor Academics. This application must include the student’s bank account details for the refund and a photocopy of the original payment receipt.
This loan is specifically for those students who applied for the NELFUND loan and had their applications approved. The university is urging all eligible students to follow the proper procedures to ensure they receive the financial assistance they are entitled to.
The NELFUND initiative is a government effort aimed at providing financial support to Nigerian students in need. By offering loans to cover tuition and other educational expenses, the program seeks to make higher education more accessible to students who might otherwise struggle to afford it.
This recent disbursement to the University of Ibadan is part of a broader effort to support students across the country. With the rising cost of education, programs like NELFUND are seen as crucial in helping students achieve their academic goals without being overburdened by financial stress.
The university’s management has expressed its commitment to ensuring that the funds are used effectively to benefit the students. By working closely with the bursary department and other relevant offices, the university aims to streamline the process and ensure that all eligible students receive their ‘smart receipts’ as quickly as possible.
This development is a positive step for the University of Ibadan and its students, providing much-needed financial relief and helping to ease the burden of tuition fees. It also highlights the importance of government support in ensuring that students have access to the resources they need to succeed in their studies.
As the 2023/2024 academic session progresses, the university will continue to monitor the implementation of the NELFUND loan and ensure that all students who qualify receive the support they need.
