The Nigerian Education Loan Fund (NELFUND) has disbursed ₦1,655,271,450 to 8,110 students of the University of Ibadan (UI), Oyo State, for the 2025/2026 academic session, providing substantial financial support to students pursuing their academic programmes.
The university formally acknowledged receipt of the funds in a letter dated July 3, 2026, signed by its Vice-Chancellor, Professor Kayode O. Adebowale, who expressed gratitude to the Federal Government and NELFUND leadership for their commitment to expanding access to higher education in Nigeria.
According to the acknowledgement letter, the disbursement covers the institutional levies of 8,110 students, representing a significant increase in beneficiaries compared with previous academic sessions.
The university disclosed that the number of beneficiaries rose from 5,004 in the 2023/2024 session to 5,838 in 2024/2025, before reaching 8,110 in the 2025/2026 session.
Professor Adebowale attributed the growth partly to NELFUND’s continued technical support, student sensitisation workshops, improved internal processes and the extension of the application deadline, which reportedly attracted more than 1,000 additional applications.
The Vice-Chancellor reaffirmed the university’s commitment to the effective implementation of the scheme, explaining that the institution had strengthened internal auditing, student awareness, data verification and support for resolving application issues.
He also disclosed that the university had automated its refund process for students who paid their institutional levies before their loans were approved, a measure intended to improve efficiency and transparency.
The disbursement announcement states that the funds cover the statutory charges of all verified applicants, helping more than 8,000 students meet their institutional obligations without the immediate financial pressure of paying the fees themselves.
The development highlights the growing impact of NELFUND’s student-loan initiative under the Federal Government’s Renewed Hope Agenda, as the programme continues to provide financial support to eligible students across participating tertiary institutions.
For thousands of University of Ibadan students and their families, the ₦1.655 billion intervention represents significant financial relief and another opportunity to pursue higher education with greater confidence and fewer financial barriers.
