The vice chancellor of the University of Ilorin, Prof. Wahab Egbewole, has confirmed that 2,973 students of the institution have benefited from the Nigerian Education Loan Fund (NELFUND), receiving a total of N372.28 million in financial assistance.

According to the university’s bulletin released on Monday, UNILORIN received two tranches of the loan.

In the first phase, N52,879,000 was disbursed to 802 students, while the second phase saw 2,171 students receiving a total of N219,407,320.

Over 10,000 students of the university applied for the loan to support their educational expenses.

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Egbewole expressed optimism that NELFUND would provide a third tranche to accommodate more students, emphasising the university’s commitment to ensuring that financial constraints do not hinder students’ academic pursuits.

However, the vice chancellor highlighted challenges related to the loan disbursement process, particularly difficulties with the Remita payment system.

He urged NELFUND to streamline the process to enhance efficiency, stating, “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.”

Egbewole commended the federal government for establishing NELFUND, noting that the scheme has significantly alleviated financial burdens for students.

He also emphasised that beyond covering tuition fees, the programme provides a monthly stipend, allowing beneficiaries to focus on their studies without undue financial stress.

Many students who might have been forced to drop out due to financial difficulties have been able to continue their education through NELFUND’s support, further reinforcing the impact of the initiative in promoting access to higher education, he added.