The management of the University of Ibadan has announced that students who are beneficiaries of the Nigerian Education Loan Fund (NELFUND) and have already paid session fees are entitled to a refund.

The University of Ibadan made the announcement in a statement on Monday and confirmed that NELFUND has remitted N201,114,650.00 to the university’s account for the 2023/2024 academic session.

“The Nigerian Education Loan Fund (NELFUND) has remitted the sum of Two Hundred and One Million, One Hundred and Fourteen Thousand, Six Hundred and Fifty Naira (N201,114,650.00) only to the University Account for the 2023/2024 Academic Session,” the statement read.

The management said the funding will cover the fees of 1,370 students who applied for the NELFUND loan.

It noted that the Bursary Department is currently processing the fund to enable the concerned students to obtain Smart Receipts.

The tertiary institution added that beneficiaries of the NELFUND loan who have already paid session fees are entitled to a refund.

The statement read, “Any student who is a beneficiary of the NELFUND loan and has already paid session fees 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.”

It, however, noted that the refund is only applicable to students who applied for the NELFUND loan and whose applications were approved.