NELFUND Disburses ₦372.28 Million Student Loan to 2,973 UNILORIN Students

Ilorin, Nigeria – March 5, 2025 – In a significant boost for tertiary education funding, the Nigerian Education Loan Fund (NELFUND) has disbursed ₦372.28 million in student loans to 2,973 students at the University of Ilorin (UNILORIN). The initiative aims to ease the financial burden on students, ensuring they can focus on their academic pursuits without financial constraints.

Vice-Chancellor Confirms Disbursement

The Vice-Chancellor of UNILORIN, Prof. Wahab Egbewole (SAN), confirmed the disbursement, highlighting that each student received varying amounts based on their financial needs. According to him, the intervention will help students cover tuition fees, academic expenses, and upkeep, allowing them to concentrate on their studies.

“The university is committed to ensuring that students have access to the financial support they need to complete their education,” Egbewole said, applauding NELFUND’s initiative to empower students financially.

NELFUND Expands Loan Scheme Nationwide

This latest disbursement is part of NELFUND’s broader strategy to support Nigerian students in tertiary institutions. The Managing Director of NELFUND, Akintunde Sawyerr, revealed that since the launch of the loan program, the fund has distributed over ₦104 billion to 613,734 students across various tertiary institutions in Nigeria.

With the increasing demand for financial assistance, NELFUND estimates that the number of student loan beneficiaries could rise to 2.1 million nationwide in the coming months. The fund continues to work with universities and regulatory bodies to streamline the loan application and disbursement process for eligible students.

Students Express Relief and Gratitude

Several beneficiaries of the loan program expressed gratitude, noting that the financial support has lifted a huge burden off their shoulders. Some students who previously struggled with tuition and living costs said they now have renewed hope in completing their education without unnecessary financial struggles.

“This loan came at the right time,” said a final-year student at UNILORIN. “Many of us were unsure how we would pay our tuition and meet our basic needs. Thanks to NELFUND, we can now focus on our studies without constantly worrying about money.”

Looking Ahead: More Support for Nigerian Students

With the 2025 academic session in full swing, NELFUND has reiterated its commitment to ensuring that no student is denied education due to financial hardship. The fund encourages more eligible students across Nigeria to apply for assistance, emphasizing that the application process remains transparent and accessible.

The ₦372.28 million loan disbursement to UNILORIN students marks another positive step toward making higher education more affordable and accessible in Nigeria. As more students benefit from the scheme, stakeholders are hopeful that education financing in the country will continue to improve, fostering academic success and national development.