The University of Ibadan has received N1.655 billion from the Nigerian Education Loan Fund to cover institutional levies for 8,110 students for the 2025/2026 academic session, marking a significant rise in the number of beneficiaries at the Institution.

According to figures disclosed by the Vice Chancellor of the University, Professor Kayode Adebowale, the number of UI beneficiaries under the Federal Government's student loan scheme has risen from 5,006 in 2023/2024 to 5,838 in 2024/2025, before reaching 8,110 in the current session.

Adebowale disclosed the figures in a letter dated July 3, 2026, acknowledging receipt of the funds and expressing appreciation to NELFUND and the Federal Government for supporting students who might otherwise struggle to afford higher education.

He attributed the rise in beneficiaries partly to technical support provided by NELFUND officials during and after the annual sensitisation workshop, alongside improvements in the University's internal processes and an extension of the application deadline, which he said enabled more than 1,000 additional students to submit their applications.

The Vice Chancellor stated that the University had strengthened its internal mechanisms to ensure the funds were properly deployed, including applying every naira received strictly to the academic levies of designated beneficiaries, and subjecting the process to appropriate internal audit mechanisms.

He added that relevant units within the University had been strengthened to educate students on accessing the NELFUND portal and complying with its guidelines, while also providing internal support for resolving application related issues.

According to Adebowale, the University had equally put in place mechanisms for the swift verification of student data and had automated the refund process for students who paid their institutional levies before their NELFUND loans were approved.

The development highlights the growing reach of the student loan scheme at the University, with the number of UI beneficiaries increasing by more than 60% across two academic sessions.

The Vice Chancellor said the University management remained committed to supporting the growth and sustainability of the NELFUND initiative, describing the intervention as a "visionary commitment" to higher education in Nigeria, while expressing gratitude to the Federal Government and NELFUND leadership.