The Nigerian Educational Loan Fund (NELFUND) has benefitted 2,973 students of the University of Ilorin.
LEADERSHIP gathered that over 10,000 university students applied for an education loan to meet their financial obligations in pursuit of their educational careers.
The vice chancellor of the University of Ilorin, Prof. Wahab Egbewole(SAN), confirmed that the institution had received two tranches of NELFUND loan.
He disclosed that the university received a sum of ₦52,879,000 for 802 students in the first tranche and ₦219,407,320 for 2,171 students in the second tranche.
While hoping that NELFUND will provide a third tranche to cater to more students, Egbewole stated, “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 NELFUND can sit down to address it.”
On the impact of NELFUND on the university’s students, Egbewole praised the federal government for establishing the scheme, which aims to ensure that no student is left behind due to financial constraints.
He noted that the scheme covers tuition fees and provides beneficiaries with a monthly stipend, easing the students’ financial burden.
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.
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