The Vice Chancellor of the University of Ilorin, Prof. Wahab Olasupo Egbewole, SAN, has said that the institution had received two tranches of the Nigerian Education Loan Fund (NELFUND), describing the scheme as a transformative initiative for the nation’s education system.
He explained that the University received a sum of N52,879,000 for 802 students in the first tranche and N219,407,320 for 2,171 students in the second tranche.
While hoping that NELFUND will provide a third tranche to cater to more students, the Vice-Chancellor stated that the institution hopes to improve on the first two tranches as more than 10,000 students have applied for the NELFUND loan.
Egbewole also called on the authorities 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 of Ilorin, the Vice-Chancellor lauded 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.
While explaining that nearly 3,000 students of UNILORIN have benefited from the initiative, Prof. Egbewole opined that many students who might have dropped out of school due to financial difficulties have been able to continue their education thanks to the scheme.
Commenting on the broader social impact of the programme, particularly the stipends provided to students, Prof. Egbewole said, “I am aware that out of the N20,000 monthly stipend, some students even send a fraction to their families. A few of them have personally thanked me, as though I gave them the money myself. I always tell them to appreciate NELFUND and the Federal Government for creating this opportunity. Before now, many of them had to juggle work, tuition fees, and supporting their families. Now, education is more accessible and less financially stressful.”
Speaking on the challenges associated with the scheme, the Vice-Chancellor urged NELFUND officials to restructure it in a way that aligns with each institution’s academic calendar and registration period.
He noted that the University of Ilorin operates a seamless academic schedule, making it essential for funds to be disbursed before the resumption period in October.
He said, “Our expectation is that by the time our students resume in October, the fees would have been paid. Currently, students have to resume, struggle to pay their school charges, and then wait for reimbursement once the university receives the NELFUND payment. This is not ideal. A more efficient approach would be to align the payment system with the registration period of each institution, to ensure that funds are available when students need them the most”.
While acknowledging that NELFUND is still in its early stages, Prof. Egbewole encouraged the management team to refine the process to enhance its efficiency and accessibility. He suggested that the portal be modified to allow universities to indicate their resumption schedules and tuition fees in order to make the process smoother for all stakeholders.
The Vice-Chancellor reaffirmed his belief in the long-term sustainability of NELFUND, calling for continuous improvement in its implementation.
According to him, “NELFUND is indeed a game changer, and we must sustain it in any way possible. Even if we need to restructure certain aspects, the philosophy behind it must endure.”
The VC therefore urged policy makers and education stakeholders to ensure that NELFUND remains a permanent feature in Nigeria’s education system, to help generations of students achieve their academic dreams without financial hindrance.
