No fewer than 4,834 University of Ibadan students have benefited from the Nigerian Education Loan Fund to the tune of N735.8 million.

This was disclosed in a letter addressed to the managing director of NELFUND by the institution’s vice-chancellor, Kayode Adebowale, on behalf of the school management.

On Tuesday, the institution’s spokeswoman, Joke Akinpelu, confirmed the letter acknowledging the funds’ disbursement in Ibadan.

Mr Adebowale described the loan as President Bola Tinubu’s significant step toward alleviating students’ financial burden.

“The loan scheme, as a commendable effort of the Federal Government under the leadership of President Asiwaju Bola Ahmed Tinubu, is a significant step toward alleviating students’ financial burdens in furthering their education,” said the vice-chancellor.

According to Mr Adebowale, the loan was disbursed in three tranches, with the school receiving the first tranche of N201,114,250 for 1,370 students on August 7, 2024.

On September 5, 2024, it received the second tranche of N9,797,450 for 69 students, while on November 6, 2024, it got the third tranche of N524,955,200 for 3,395 students.

Mr Adebowale said the university had set up modalities for the beneficiaries to utilise the loan through an e-wallet system. He noted that students had been further sensitised about the benefits of the funds in several fora.

“This includes an interactive session in collaboration with NELFUND and a page on the university website (https://ui.edu.ng/uinelfund-support) was dedicated for enhanced support,” the vice-chancellor said.

He appreciated the timely responses from the NELFUND Operations office through the processes, adding that the institution looked forward to the disbursement of the last tranche for the current academic session.

(NAN)