Students’ Loan: UI, UNIBEN, BUK, UNILORIN, others among first six beneficiaries

The University of Ibadan, Bayero University Kano, University of Ilorin, University of Benin, University of Maiduguri, and Federal University Dutsinma, Katsina State, are among the first six tertiary institutions to receive institutional fees for students from the Federal Government’s students’ loan program, The Guardian can authoritatively report.

The fees, which amounted to over N2,026,163,340, were disbursed directly to the institutions by the Nigerian Education Loan Fund (NELFUND).

A source who spoke to The Guardian revealed that more funds would be disbursed to other institutions in the coming days.

“Six federal institutions have so far received institutional fees directly from NELFUND. They include Bayero University Kano, University of Ilorin, University of Benin, University of Ibadan, University of Maiduguri, and Federal University Dutsinma, Katsina State.

“The funds were disbursed because these institutions just commenced new academic sessions. As soon as others in our pool commence theirs, they will receive funds as well,” the source said.

In a statement issued on Friday by NELFUND Head, Media and Public Relations, Nasir Ayitogo, six of the twelve institutions have received full payment of their institutional fees, covering over 20,000 students.

“The total amount disbursed to these institutions stands at approximately N2,026,163,340. A further six will receive their payments in the coming week,” the press release noted.

The statement did not, however, disclose the names of the beneficiary institutions.

The Guardian reports that 1.2 million students from federal and state universities, polytechnics, and colleges of education are expected to benefit from the first phase of the student loan scheme.