The Olubadan of Ibadanland, Oba Rashidi Adewolu Ladoja, on Wednesday, commended the Nigerian Education Loan Fund (NELFUND) for what he described as a laudable intervention aimed at easing the financial burden on parents and expanding access to higher education for Nigerian students.
The monarch gave the commendation while receiving the management team of NELFUND during a sensitisation visit in the Olubadan Palace, where he also pledged to mobilise students across Ibadan and the entire Oyo State to take advantage of the scheme.
Speaking during the visit, the Olubadan praised President Bola Ahmed Tinubu for initiating the programme, describing it as a timely intervention that would benefit thousands of families struggling with educational expenses.
“First of all, we appreciate what President Bola Ahmed Tinubu is doing regarding this because it is laudable. We thank NELFUND for the sensitization.
“We are happy to be associated with you because you are lifting a burden from a lot of parents. We are very lucky to have a programme like this under President Tinubu. We want our people to take advantage so that we won’t be left behind in the scheme of good things. We want to continue to be ‘asiwaju’.
“We thank you also the managers of the system. It is nice that you have come to us. We will work towards setting up a centre for advocacy for those who want to apply. Or, alternatively, we will go to the existing CBT centres to show them what they need to know when applying so that their application can be successful.
“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.
“I can assure you that we will inundate you with applicants. We will go beyond Ibadan but the entire Oyo State. We will pass the message to them,” the monarch stated.
Responding, the Executive Director, Finance and Administration of NELFUND, Dr. Femi Fred Akinfala, who represented the Managing Director of the agency, Mr. Akintunde Sawyerr, disclosed that Oyo State currently leads the South-West region in applications and disbursement under the student loan scheme.
Akinfala, who led a delegation to the Palace was joined by other management team of the agency including the Board Secretary, Mrs Funmi Alagbada; Mr Festus Adefehinti and Tinuke Bello.
He explained that the intervention was introduced by the administration of President Bola Ahmed Tinubu to ensure that no willing student is denied access to higher education because of financial constraints.
Though, according to him, less than 50 per cent of eligible students in Oyo State had applied for the scheme despite the available funds, the state has recorded 84,276 applications valued at N18.77 billion, while 75,800 students have already benefited from approved loans totaling N16.59 billion.
Akinfala, while saying that over N57 billion had so far been disbursed across the South-West region in tuition payments and students’ upkeep stipends, hinted that the agency was considering an upward review of the monthly upkeep stipend paid to beneficiaries as against the current N20,000.
“The money is on the ground, but we are still looking for students in Oyo State, who would apply for this loan,” he said.
Akinfala also stressed the importance of proper documentation during application, noting that students must provide accurate Bank Verification Number (BVN), National Identification Number (NIN), and JAMB registration details to avoid disqualification by the system.
He further revealed that Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, emerged as one of the highest beneficiaries in the region, recording over 30,000 applications worth N7.58 billion, while the University of Ibadan accounted for 19,457 successful beneficiaries with disbursement exceeding N3.5 billion.
He, however, commended Olubadan for pledging support towards mobilising students across Ibadan and Oyo State to take advantage of the education loan scheme.
