Osun State University has confirmed the receipt of over ₦218 million from the Nigerian Educational Loan Fund (NELFUND) to cover institutional fees for 717 students.
In a letter dated September 18 and signed by Registrar Atiauke A. Oguntunde, the university acknowledged the arrival of the “first batch” of funds. The letter states, “I write to acknowledge the receipt of a sum of Two Hundred and Eighteen Million, Nine Hundred and Fifty-Four Thousand, Five Hundred Naira (₦218,954,500.00) by Osun State University on September 9, 2024, being the first loan disbursement by NELFUND under the student loans program for 717 students of the institution.”
The Access to Higher Education Act, signed by President Bola Tinubu shortly after his inauguration, established a legal framework for providing loans to low-income Nigerians to facilitate tuition payments at tertiary institutions. The law, reenacted earlier this year, also created NELFUND, which is responsible for managing loan requests, disbursements, and recoveries.
According to the act, the fund will be supported by multiple revenue streams and will engage in other productive activities.
