The Nigerian Education Loan Fund (NELFund) has announced its readiness to disburse loans to 6,004 students of The Polytechnic Ibadan (TPI). This was revealed by Dr Aliyu Muhammad, NELFund Team Lead and Director of Monitoring and Evaluation, during a sensitisation programme held for students in Ibadan on Wednesday.
Muhammad explained that NELFund is currently attending to students in over 300 tertiary institutions across the country, with more than three million applications already received through its portal.
He assured students of TPI that their tuition fees would be paid directly to the school account within the next two weeks. In addition, each student will receive a monthly stipend of ₦20,000.
“We saw the memo that the school management wrote regarding your school fees,” Muhammad said. “We are assuring you that in the next two weeks, your tuition will be credited to your school account. It will be followed by the ₦20,000 monthly stipend for each student.”
He encouraged the students to remain in school, focus on their studies, and complete their education, stressing that financial challenges should no longer be a barrier.
Muhammad also revealed that NELFund has created a job portal to support beneficiaries of the loan in securing employment after graduation.
Also speaking at the event, the Director of SERVICOM, Sola Fowobaje, praised the education loan scheme initiated by President Bola Tinubu. He stated that it has opened up educational opportunities for children from low-income families by eliminating financial barriers.
“Once the issue of education is settled, we will have a glorious future,” Fowobaje said. “It will no longer be an excuse to say, ‘I will not complete my education because of finances or tuition fees.’ NELFund has come to stay, and I can tell you we are not going to disappoint you.”
Fowobaje also noted that the funds being disbursed are part of taxpayers’ money and are meant to create equal opportunities for all Nigerian children.
In his remarks, the Acting Rector of The Polytechnic Ibadan, Dr Taiwo Lasisi, affirmed the school’s transparency on the matter. He said that students who had already paid their tuition fees, either partially or in full, would be refunded once the school receives the loan disbursements from NELFund.
