The University of Ibadan has confirmed the receipt of N201 million in institutional fees from the Nigerian Education Loan Fund, intended for the payment of fees for students who applied to the Fund.
In a circular dated August 9, 2024, issued by the Registrar, G.O. Salisu, and addressed to the Office of the Dean of Student Affairs, the university stated that students who applied for the loans but had already paid their fees are now eligible to apply for a refund. A copy of the circular was obtained by our correspondent on Monday.
The circular reads, “The Nigerian Education Loan Fund has remitted the sum of N201 million to the university account for the 2023/2024 academic session. This amount is intended to cover the fees of 1,370 students who applied for the NELFUND loan.
“The Bursary Department is currently processing the funds to enable the concerned students to obtain a smart receipt. Any student who is a beneficiary of the NELFUND loan and has already paid 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. A photocopy of the original payment receipt must be attached to each application.”
The student loan scheme is a key project of President Bola Tinubu’s administration in the education sector.
Just a month after his inauguration, President Tinubu signed the Access to Higher Education Act, establishing a legal framework for providing loans to indigent or low-income Nigerians to facilitate their payment of fees in Nigerian tertiary institutions. The law, re-enacted earlier this year, created NELFUND, which is responsible for handling all loan requests, grants, disbursements, and recoveries.
According to the Act, the fund is to be supported by multiple revenue streams and will also engage in other productive activities.
