NELFUND: UI student loan beneficiaries rise to 8,110

The number of University of Ibadan students benefiting from the Nigerian Education Loan Fund has risen to 8,110 in the 2025/2026 academic session, up from 5,004 two sessions ago.
The university received ₦1.655bn from NELFUND to cover the institutional levies of the beneficiaries, according to Vice-Chancellor Prof. Kayode Adebowale.
In a letter dated 3 July 2026, acknowledging receipt of the funds, Adebowale said the scheme had helped students who might otherwise struggle to afford higher education.
The number of beneficiaries increased from 5,004 in the 2023/2024 academic session to 5,838 in 2024/2025 before reaching 8,110 in the current session.
Adebowale attributed the growth to technical support from NELFUND, annual sensitisation workshops and improvements in the university’s internal processes. He also said an extension of the application deadline had generated more than 1,000 additional applications.
The vice-chancellor said the university had introduced safeguards to ensure that the funds were used strictly to pay the institutional levies of approved beneficiaries, with comprehensive internal audits.
He added that the institution had strengthened efforts to guide students through the loan application process, resolve complaints and verify students’ information promptly.
The university has also automated refunds for students who paid their institutional levies before their loan applications were approved, a move intended to improve efficiency and transparency.
Adebowale, who wrote on behalf of the university’s management, Senate and students, reaffirmed the institution’s commitment to the effective implementation and sustainability of the scheme.
He thanked the Federal Government and NELFUND leadership for supporting access to higher education and pledged continued cooperation with the fund.