The Vice Chancellor of the University of Ilorin, Prof. Wahab Olasupo Egbewole, SAN, has revealed that the institution has received two tranches of the Nigerian Education Loan Fund (NELFUND), describing the initiative as a transformative step for the nation’s education system.
Speaking on NTA News 24’s *Late Edition* in Abuja, Prof. Egbewole disclosed that UNILORIN received ₦52,879,000 for 802 students in the first tranche and ₦219,407,320 for 2,171 students in the second tranche. He expressed hope for a third tranche, noting that over 10,000 students had applied for the loan.
The Vice Chancellor highlighted challenges in the disbursement process, particularly issues with the Remita payment system. “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,” he stated.
Prof. Egbewole commended the Federal Government for launching the scheme, emphasizing its role in ensuring that no student is left behind due to financial difficulties. He noted that beyond tuition coverage, the initiative provides a monthly stipend to beneficiaries, easing their financial burden.
“Nearly 3,000 UNILORIN students have benefited from NELFUND. Many of them, who might have dropped out due to financial constraints, have been able to continue their education,” he said.
On the broader social impact, he observed that some students even share part of their ₦20,000 monthly stipend with their families. “A few students 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,” he added.
However, the Vice Chancellor called for better alignment of NELFUND’s payment schedule with university academic calendars. He stressed that funds should be disbursed before resumption to prevent delays in tuition payments.
“Our expectation is that by the time our students resume in October, the fees would have been paid. Currently, students resume, struggle to pay, and then wait for reimbursement. A more efficient approach would be to align payments with registration periods,” he explained.
While acknowledging that NELFUND is still evolving, Prof. Egbewole urged its management to refine the system for greater efficiency. He suggested modifying the portal to allow universities to indicate their resumption dates and tuition fees for smoother processing.
Reaffirming his belief in NELFUND’s long-term sustainability, he described it as a game changer that must be preserved and improved. “Even if we need to restructure certain aspects, the philosophy behind it must endure,” he asserted.
He further called on policymakers to ensure that NELFUND remains a permanent fixture in Nigeria’s education system, helping future generations achieve their academic dreams without financial hindrance.
