NELFUND transforming access to higher education, says FUTI Acting VC
…says 233 students receive N32m loan The Acting Vice-Chancellor of the Federal University of Technology, Ilaro (FUTI), Dr. Mikhail Akinde, has described the Nigerian Education Loan Fund (NELFUND) scheme as
...says 233 students receive N32m loan
The Acting Vice-Chancellor of the Federal University of Technology, Ilaro (FUTI), Dr. Mikhail Akinde, has described the Nigerian Education Loan Fund (NELFUND) scheme as one of the most impactful policies of the administration of President Bola Ahmed Tinubu.
FUTI, formerly known as Federal Polytechnic, Ilaro, was established in 1979 and officially transitioned into a university in May 2025 following presidential assent to a bill upgrading it to a full-fledged University of Technology.
Speaking with journalists on the institution’s Ilaro campus, Akinde said the transition process is being carefully managed to preserve the institution’s long-standing culture of invention, innovation, and machine fabrication.
He disclosed that no fewer than 233 students of the university have benefited from N32 million disbursed under the NELFUND student loan scheme in the current academic session.
The Acting Vice-Chancellor spoke after declaring open an exhibition of students’ innovations as part of activities marking the institution’s 23rd convocation ceremony. Exhibits showcased included a tricycle and a palm fruits debuncher developed by students.
Akinde said the NELFUND initiative has significantly expanded access to tertiary education by removing financial constraints, particularly for indigent students.
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According to him, many of the beneficiaries might have been unable to participate in the recently concluded semester examinations or could have dropped out entirely without the loan support.
He also revealed that Ogun State Governor Dapo Abiodun, Katsina State Governor Mallam Umaru Radda, the Alake of Egbaland, Oba Adedotun Gbadebo, and the Olubadan of Ibadanland, Oba Rashidi Ladoja, are among dignitaries to be conferred with fellowship awards during the convocation.
Akinde, however, expressed concern over the low level of confidence in locally developed technology, noting that it continues to hinder Nigeria’s technological advancement.
He cited the example of a mechanical ventilator developed by the institution during the COVID-19 period, which failed to attract sufficient local investment for mass production.
The Acting Vice-Chancellor also disclosed that Innoson Motors, based in Aba, Abia State, had initially shown interest in partnering with the institution for commercial-scale production but later withdrew.
He urged investors and industry leaders to prioritise collaboration with local institutions and support homegrown innovations to meet the technological needs of Nigeria’s small and medium-scale enterprises.
