The University of Ibadan (UI) has received N1.655 billion from the Nigerian Education Loan Fund (NELFUND) to cover institutional levies for 8,110 students for the 2025/2026 academic session.

The development represents a significant increase in the number of UI students benefiting from the Federal Government’s student loan scheme, rising from 5,006 beneficiaries in 2023/2024 to 5,838 in 2024/2025 before reaching 8,110 this session.

The Vice-Chancellor of the university, Prof. Kayode Adebowale, disclosed the figures in a letter dated July 3, 2026, acknowledging receipt of the funds and expressing appreciation to NELFUND and the Federal Government for supporting students who might otherwise struggle to afford higher education.

Adebowale attributed the increase in beneficiaries partly to technical support provided by NELFUND officials during and after the annual sensitisation workshop, improvements in the university’s internal processes and the extension of the application deadline.

According to him, the deadline extension enabled more than 1,000 additional students to submit their applications.

The Vice-Chancellor said the university had also strengthened its internal mechanisms to ensure that the funds were properly deployed, including applying every naira received strictly to the academic levies of designated beneficiaries and subjecting the process to appropriate internal audit mechanisms.

He said the university had further strengthened relevant units to educate students on accessing the NELFUND portal and complying with its guidelines, while providing internal support for resolving application-related issues.

The academic added that the university had put in place mechanisms for the swift verification of student data and had automated the refund process for students who paid their institutional levies before their NELFUND loans were approved.

The development highlights the growing reach of the student loan scheme at one of Nigeria’s foremost universities, with the number of UI beneficiaries increasing by more than 60 per cent in two academic sessions.

The university management, he said, remained committed to supporting the growth and sustainability of the NELFUND initiative.

He expressed the university’s gratitude to the Federal Government and NELFUND leadership, describing the intervention as a “visionary commitment” to higher education in Nigeria.