The University of Ibadan has confirmed the receipt of N201 million in institutional fees from the Nigerian Education Loan Fund (NELFUND).
This amount is intended to cover the fees of 1,370 students who applied for the loan.
In a circular issued by the Registrar, G.O. Salisu, on August 9, 2024, and addressed to the Office of the Dean of Student Affairs, the university stated that students who have already paid their fees but also received the loan can now apply for a refund.
The circular states, “The Nigerian Education Loan Fund has transferred N201 million to the university’s account for the 2023/2024 academic session. This sum is allocated for the fees of 1,370 students who applied for the NELFUND loan. The Bursary Department is processing the funds so that the eligible students can receive their smart receipts.”
It further explains that any student who received the NELFUND loan and has already paid their session fees is entitled to a refund.
To claim a refund, the student must submit an application through the Dean of Students to the Deputy Vice-Chancellor, Academic, including their account details and a photocopy of the original payment receipt.
The student loan scheme is a key initiative under President Bola Tinubu’s administration in the education sector.
Shortly after taking office, President Tinubu signed the Access to Higher Education Act, which established a legal framework for providing loans to financially disadvantaged Nigerians to help cover their fees at tertiary institutions.
The Act, reenacted earlier this year, established NELFUND, which is responsible for managing all loan requests, disbursements, and recoveries. The fund is designed to be supported by multiple funding streams and will also engage in various productive activities to sustain its operations.
