NELFund Set to Disburse Loans to 6,004 Students of The Polytechnic Ibadan

The Nigerian Education Loan Fund (NELFund) has announced that it is set to disburse loans to 6,004 students of The Polytechnic, Ibadan (TPI).

This was disclosed by the Team Lead of NELFund and the Director of Monitoring and Evaluation, Dr Aliyu Muhammad, during a sensitisation programme held on Wednesday for students of the institution in Ibadan.

Dr Muhammad stated that over 300 tertiary institutions are currently covered under the scheme, with more than three million applications already received via the NELFund portal.

He said the team visited the institution to reassure students of the Fund’s commitment to their educational support.

“We saw the memo issued by the school management regarding your tuition fees,” he said. “We are assuring you that within the next two weeks, your tuition will be credited directly to the school’s account. This will be followed by the disbursement of the N20,000 monthly stipend for each student.”

Dr Muhammad emphasised that no student should drop out of school due to financial constraints. He encouraged students to remain focused on their studies, pass their examinations, and complete their programmes.

He also revealed that NELFund had launched a job portal designed to provide automatic employment opportunities for loan beneficiaries upon graduation.

Speaking at the event, the Director of SERVICOM, Mr Sola Fowobaje, highlighted the impact of the loan initiative, describing it as a milestone achievement of President Bola Tinubu’s administration. He noted that the scheme had opened access to education for children from less privileged backgrounds.

“This initiative has created equal opportunities for every Nigerian child. The loan is drawn from a portion of taxpayers’ funds,” he said. “With education guaranteed, the future becomes brighter. Financial limitations will no longer be a valid excuse for abandoning one’s education. NELFund is here to stay, and we are committed to fulfilling our promises.”

He added that millions of students had already benefited from the scheme, and many more were expected to benefit in the coming phases.

In his remarks, the Acting Rector of The Polytechnic, Ibadan, Dr Taiwo Lasisi, affirmed that the institution had always been transparent with the students regarding the loan process. He assured that students who had paid their tuition, either in whole or in part, would be refunded once NELFund credits the school account.