UNILORIN Vice Chancellor Highlights Impact of NELFUND Education Loan
The Vice Chancellor of the University of Ilorin (UNILORIN), Prof. Wahab Olasupo Egbewole, SAN, has affirmed the transformative impact of the Nigerian Education Loan Fund (NELFUND) on higher education, emphasizing its potential to enhance access to quality learning for students facing financial challenges.
Speaking on NTA News 24’s Late Edition in Abuja, Prof. Egbewole revealed that UNILORIN has received two tranches of funding through the scheme. The first tranche amounted to ₦52,879,000, benefiting 802 students, while the second tranche provided ₦219,407,320 for 2,171 students. He expressed optimism about a third tranche, noting that over 10,000 students had applied for financial aid.
Challenges in Disbursement Process
While acknowledging the Federal Government’s commitment to supporting students, Prof. Egbewole pointed out challenges with the disbursement process, particularly issues with the Remita payment platform.
“Many students have encountered difficulties with Remita, causing delays in accessing funds. NELFUND must address these concerns to ensure smoother transactions,” he remarked.
Positive Impact on Students
Prof. Egbewole praised the initiative for preventing financial dropout cases, allowing nearly 3,000 students at UNILORIN to continue their education. He noted that beyond tuition coverage, beneficiaries receive a ₦20,000 monthly stipend, which some students even share with their families to ease financial pressures.
He recounted how some students personally expressed gratitude, believing he was directly responsible for the funding. “I always remind them that NELFUND and the Federal Government deserve the appreciation for this life-changing opportunity,” he added.
Call for Improved Payment Alignment
Prof. Egbewole stressed the need to synchronize NELFUND’s disbursement schedule with university academic calendars. He pointed out that delayed payments often force students to struggle with tuition fees before receiving reimbursement, leading to unnecessary financial stress.
“For maximum efficiency, funds should be disbursed before resumption to enable students to pay fees promptly,” he advised.
Ensuring NELFUND’s Sustainability
While acknowledging that NELFUND is still evolving, the Vice Chancellor urged its management to refine the system for long-term efficiency. He suggested updating the portal to allow universities to input their resumption dates and tuition fees, ensuring a seamless payment process.
Describing NELFUND as a game changer, he emphasized the importance of preserving and improving the initiative to support future generations. “Even if certain aspects need restructuring, the core philosophy behind it must endure,” he asserted.
Prof. Egbewole concluded by urging policymakers to ensure NELFUND remains a permanent fixture in Nigeria’s education sector, helping students achieve academic success without financial barriers.
