The University of Ibadan has acknowledged the receipt of N201 million in institutional fees transferred by the Nigerian Education Loan Fund, intended for the payment of fees for students who submitted their applications to the Fund.

In a circular issued by the Registrar, G.O. Salisu, on August 9, 2024, and directed to the Office of the Dean of Student Affairs, a copy of which was acquired by our correspondent on Monday, the university stated that students who applied for the loans but had previously settled their fees are now eligible to request a refund.

It reads, “ The Nigerian Education Loan Fund has remitted the sum of N201m only to the university account for the 2023/2024 academic session. This amount is to cover the fees of 1,370 students of our university who applied for the NELFUND loan.

“The Bursary Department is currently processing the fund to enable the concerned students to obtain smart receipt.

“Any student who is a beneficiary of the NELFUND loan and has already paid levies for the session fee is entitled to a refund. To apply for a refund, the student must write through the Dean of Students to the Deputy Vice-Chancellor, Academic, providing their account details for the refund. A photocopy of the original payment receipt must be attached to each application.”

The student loan initiative represents President Bola Tinubu's premier undertaking within the education sector.

Shortly after his inauguration, Tinubu enacted the Access to Higher Education Act, establishing a legal foundation for providing loans to underprivileged or low-income Nigerians, thereby assisting them in covering their tuition fees at tertiary institutions in Nigeria.

This legislation, which was reaffirmed earlier this year, established NELFUND, an entity tasked with managing all loan applications, grants, disbursements, and recoveries.

As stipulated by the Act, the fund will be financed through various sources and will also engage in additional productive endeavors.