The Federal Polytechnic, Ilaro, has confirmed the receipt of over twenty-one million naira from the Nigeria Education Loan Fund (NELFUND) as part of its student loan scheme.
In an official letter addressed to the MD/CEO of NELFUND, the Rector, Dr. M. A. Akinde, FCA, FCTI, disclosed that the institution received the sum of ₦21,616,220.00 into its account (0220468661012) on July 4, 2025. The payment was made through the Central Bank of Nigeria (CBN).
The Rector expressed appreciation for the disbursement but appealed that subsequent payments be directed to the designated account earlier provided by the institution for student loan transactions.
“This is to confirm that the sum of Twenty-One Million, Six Hundred and Sixteen Thousand, Two Hundred and Twenty Naira only was received into our account. However, I want to appeal to you that the subsequent payment in respect of the student loan should be paid to the designated account earlier submitted to your office,” the letter read in part.
The Nigeria Education Loan Fund is a federal initiative aimed at providing interest-free loans to students in tertiary institutions across the country, enabling them to meet their academic and welfare needs.
With the confirmation of this disbursement, eligible students at the Federal Polytechnic, Ilaro are expected to benefit from the loan to ease their financial burdens and enhance access to quality education.
