The University of Ibadan has confirmed the receipt of two hundred and one million, one hundred and fourteen thousand, six hundred and fifty naira (N201,114,6500) as institutional loans for 1,370 undergraduate students of the institutions from the Nigerian Education Loan Fund (NELFUND).
The premier university disclosed that the amount is to cover the tuition fees of the students for the 2023/2024 academic session. The University of Benin has also received first batch of institutional fees payments from NELFUND.
UI in a circular signed by its registrar, Mr Ganiyu Saliu, stated that the Bursary Department of the institution “is currently processing the fund to enable the concerned student to obtain Smart Receipt.”
He clarified that students who had already paid levies and whose tuition fees have been paid by NELFUND would be refunded in due course.
For a refund to be made, “students must write through the Dean of Students to the Deputy Vice-Chancellor, Academic, providing their account details for the refund.”
The circular directed NELFUND beneficiaries to attach a photocopy of their original payment receipt for their application for refund to be honoured.
Recalled on August 2, 2024, the management of NELFUND stated that it had disbursed N2.5 Billion to cover the tuition of 22, 120 students across Nigeria.
Spokesman of the Fund Nasir Ayitogo had stated in a post on X that “six of the twelve institutions have received full payment of their institutional fees, covering over 20,000 students. The total amount disbursed to these institutions stands at approximately N2,026,163,340. A further six will receive their payments in the coming week.”
The loan, which is in two categories : institutional loans and upkeep loans,started accepting applications in May this year.
Similarly, the loan agency began disbursement of upkeep loans last week, which got thousands of beneficiaries excited.
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