The University of Ibadan has confirmed the receipt of N201 million from the Nigerian Education Loan Fund (NELFUND) for the payment of tuition fees for 1,370 students.
The university, in a circular by the Registrar, G.O Salisu, dated August 9, 2024, and addressed to the Office of the Dean of Student Affairs, said students who applied for the loans but had earlier paid their fees can now apply for a refund.
The fund is expected to be sustained through various revenue streams and will engage in additional productive activities beyond loan disbursement.
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Recall that President Bola Tinubu introduced the new student loan scheme just one month after assuming office as President.
The Access to Higher Education Act, signed into law by the President, provides financial assistance to disadvantaged Nigerians pursuing university education.
This legislation creates a legal framework for granting loans to help cover tuition fees at Nigerian tertiary institutions.
The circular reads in part: “ The Nigerian Education Loan Fund has remitted the sum of N201m only to the university account for the 2023/2024 academic session. This amount is to cover the fees of 1,370 students of our university who applied for the NELFUND loan.
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“The Bursary Department is currently processing the fund to enable the concerned students to obtain smart receipt.
“Any student who is a beneficiary of the NELFUND loan and has already paid levies for the session fee is entitled to a refund.
To apply for a refund, the student must write through the Dean of Students to the Deputy Vice-Chancellor, Academic, providing their account details for the refund. A photocopy of the original payment receipt must be attached to each application.”
