NELFUND student loan scheme gains support as Olubadan pledges to mobilise students across Oyo State for applications
The Olubadan of Ibadanland, Rashidi Adewolu Ladoja, has commended the Nigerian Education Loan Fund for introducing what he described as a laudable intervention designed to ease the financial burden on parents and improve access to higher education for Nigerian students.
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The monarch spoke on Wednesday while receiving the management team of NELFUND during a sensitisation visit to the Olubadan Palace in Ibadan.
During the meeting, Oba Ladoja pledged to mobilise students across Ibadan and the wider Oyo State to take advantage of the education loan initiative.
Speaking during the visit, the traditional ruler praised President Bola Tinubu for introducing the programme, describing it as a timely and impactful intervention for families struggling with rising education costs.
“First of all, we appreciate what President Bola Ahmed Tinubu is doing regarding this because it is laudable. We thank NELFUND for the sensitization,” the monarch said.
“We are happy to be associated with you because you are lifting a burden from a lot of parents.”
The NELFUND Student Loan Scheme, according to the Olubadan, would help prevent students from being denied educational opportunities because of financial hardship.
Oba Ladoja disclosed that plans were already underway to establish advocacy centres and support channels to guide students through the application process.
He added that the palace would also collaborate with existing Computer-Based Test centres to educate applicants on the requirements needed for successful registration.
“Before the month runs out, we will advertise in media houses that all students of Ibadan origin should come to the CBT centres we would be providing for their application,” he stated.
“I can assure you that we will inundate you with applicants. We will go beyond Ibadan but the entire Oyo State.”
Responding, the Executive Director of Finance and Administration at NELFUND, Femi Fred Akinfala, said Oyo State currently leads the South-West region in student loan applications and disbursements.
Akinfala, who represented the Managing Director of NELFUND, Akintunde Sawyerr, explained that the scheme was introduced to ensure no qualified student is denied access to higher education because of financial limitations.
According to him, fewer than 50 per cent of eligible students in Oyo State had applied despite the availability of funds.
He disclosed that the state had so far recorded 84,276 applications valued at N18.77 billion, while 75,800 students had benefited from approved loans totalling N16.59 billion.
Akinfala further revealed that more than N57 billion had already been disbursed across the South-West region for tuition payments and upkeep allowances.
He hinted that the agency was considering an upward review of the current N20,000 monthly upkeep stipend paid to beneficiaries.
“The money is on the ground, but we are still looking for students in Oyo State who would apply for this loan,” he said.
The NELFUND official also stressed the importance of accurate documentation during applications, noting that applicants must provide correct Bank Verification Numbers, National Identification Numbers and JAMB registration details to avoid system disqualification.
He identified Ladoke Akintola University of Technology as one of the highest beneficiaries in the region, recording more than 30,000 applications valued at N7.58 billion.
The University of Ibadan, he added, recorded 19,457 successful beneficiaries with loan disbursements exceeding N3.5 billion.
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Akinfala commended the Olubadan for supporting efforts to expand awareness of the scheme among students across Oyo State.
