The Nigerian Education Loan Fund (NELFUND) has said accessing its student loan scheme is voluntary and not compulsory for all tertiary students.
At the University of Ilorin (Unilorin) the Pro-Chancellor Abiodun J. Aluko yesterday described NELFUND as historic helping indigent students especially to access education without stress.
Aluko a surveyor noted that the fund has brought great relief to thousands of students across the country.
NELFUND urged students to apply only if they genuinely need financial assistance.
In a statement by its Director of Strategic Communications Mrs. Oseyemi Oluwatuyi NELFUND said its interest-free facility was designed to remove financial barriers to higher education and ensure that eligible students are not denied access because of financial constraints.
It stressed that students who do not require financial support are under no obligation to apply adding that making the scheme compulsory would contradict its purpose. NELFUND explained that beneficiaries are required to repay the loans in accordance with the Student Loans Act advising applicants to understand the terms and conditions before applying.
The agency also urged tertiary institutions student leaders and other stakeholders to provide accurate information about the scheme and guide students who require assistance.
It reaffirmed its commitment to ensuring that financial hardship does not prevent eligible Nigerians from pursuing higher education.
Also Aluko spoke yesterday in Ilorin at the 41st convocation ceremonies of 16125 graduates of Unilorin.
The pro-chancellor also expressed his excitement over the sustained intervention of the Tertiary Education Trust Fund (TETFund) in infrastructure and research.
But he maintained that sustained investment in research remained essential to consolidating the gains recorded by Nigerian universities.
Aluko who is also the council chair of the institution celebrated Unilorin’s improved international rankings describing them as evidence of deliberate efforts to strengthen research output academic visibility citations and the quality of teaching and learning.
According to him the university rose from 37th position in Nigeria in the previous year to fifth position in the 2026-2027 U.S. News and World Report Best Global Universities Rankings.
He added that the institution ranked first in Nigeria and 18th in Africa in Aquaculture under the 2026 SCImago Institutions Rankings.
‘This giant leap is not by luck. It is the result of deliberate focus on research output academic visibility citations and the quality of our staff and students’ Aluko said.
The pro-chancellor noted that the institution which began about five decades ago with 200 students and a handful of staff operating from a temporary site has grown into one of Nigeria’s most sought-after universities with more than 50000 students.
Reflecting on the university’s golden jubilee celebrated in November 2025 the council chairman said its core values of integrity discipline and excellence have continued to guide its development.
He particularly celebrated the institution’s uninterrupted academic calendar spanning more than two decades describing its stability as an important achievement in Nigeria’s university system.
The council chairman also commended the relative industrial harmony in the education sector noting that improved relations between the government and university-based unions had helped institutions sustain their academic calendars without disruption from strikes.
Aluko also announced that several members of the university’s academic and non-academic workers had been appointed to leadership positions in other institutions including vice-chancellors registrars bursars and provosts.
Describing Unilorin as a training ground for leadership the pro-chancellor said the development reflected the institution’s commitment to producing competent professionals equipped with integrity and excellence.
‘Unilorin is a leadership factory. When you train people in excellence and integrity the world comes looking for them’ he said.
Congratulating the graduands Aluko urged them to uphold the university’s values and represent the institution positively in their respective professions and communities.