Osun State University has acknowledged the receipt of over ₦218m from Nigerian Educational Loan Fund (NELFUND) to cover institutional fees for 717 students.
In a letter addressed to the Managing Director/Chief Executive Officer of Nigerian Educational Loan Fund (NELFUND), the school acknowledged the receipt of the “first batch” of the fund.
The letter, which was dated September 18, was signed by the registrar of the school, Atiauke A. Oguntunde.
The letter says, “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 9° September 2024, being the first loan disbursement by NELFUND under the student loans programme for seven hundred and seventeen (717) students of the institution. Please accept the assurances of our highest regards.”
President Bola Tinubu signed the Access to Higher Education Act, barely a month after his inauguration.
The Act creates a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their fees in Nigerian tertiary institutions.
The law, reenacted earlier this year, created the Nigerian Education Loan Fund.
NELFUND is saddled with the responsibility of handling all loan requests, grants, disbursement, and recovery.
The fund, according to the act, is to be funded from multiple streams and will engage in other productive activities