The Acting Vice-Chancellor of the Federal University of Technology, Ilaro (FUTI), Dr. Mikhail Akinde, has hailed the Nigerian Education Loan Fund (NELFUND) as one of the most impactful policies introduced under the administration of President Bola Ahmed Tinubu, citing its growing role in expanding access to higher education.
Speaking with journalists on the university’s campus in Ilaro, Ogun State, Akinde revealed that no fewer than 233 students of the institution have benefited from a total of ₦32 million disbursed under the NELFUND scheme in the current academic session. He noted that the initiative has significantly eased financial burdens on students, particularly those from disadvantaged backgrounds, enabling them to remain in school and complete their academic requirements.
According to him, many of the beneficiaries might have been unable to sit for their semester examinations or could have dropped out entirely without the intervention of the student loan scheme. He described the programme as a critical step toward ensuring inclusive access to tertiary education in Nigeria.
Akinde also spoke on the institution’s recent transition from Federal Polytechnic, Ilaro—established in 1979—to a full-fledged University of Technology, following presidential assent to the upgrade bill in May 2025. He assured that the transformation is being carefully managed to preserve the institution’s long-standing culture of innovation, invention, and machine fabrication.
The Vice-Chancellor made these remarks after declaring open an exhibition of students’ projects, held as part of activities marking the institution’s 23rd convocation ceremony. The exhibition featured practical innovations developed by students, including a locally fabricated tricycle and a palm fruit debuncher, underscoring the university’s commitment to hands-on technological advancement.
He further used the occasion to call on investors and industry leaders to strengthen collaboration with local institutions, stressing the importance of supporting homegrown innovations to address the technological needs of Nigeria’s small and medium-scale enterprises.
Akinde also disclosed that several prominent figures, including 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, will be honoured with fellowship awards during the convocation ceremony.