In his address at the third edition of the scheme held in Abeokuta on Sunday, Adeola urged the students to use the funds for school-related expenses and not frivolities.
The Chairman, Senate Committee on Appropriation, said the programme was designed to support indigent students across the state and prevent school dropouts due to financial challenges.
He described the initiative as part of his campaign promises and to complement Gov. Dapo Abiodun's efforts to improve educational infrastructure across the state.
The senator said the programme also aligned with President Bola Tinubu's Renewed Hope Agenda, particularly the Nigerian Education Loan Fund (NELFUND), supporting tertiary education financing.
He recalled that 1,700 students benefited in the maiden edition in 2024, while 3,892 students received awards during the second edition in 2025.
According to him, the third edition records 5,312 beneficiaries, comprising 1,735 scholarship recipients and 3,577 bursary beneficiaries drawn from universities, polytechnics and colleges of education.
He explained that university scholarship recipients would receive N200,000 each, while polytechnic and college of education students would receive N150,000 each.
Adeola added that 3,577 other students would receive N100,000 bursary awards, bringing the total beneficiaries under the scheme to over 10,000 since inception.
"Let me emphasise that the funds provided should be spent on payment of your school fees, accommodation or similar issues and not free money to buy phones, bags, and clothes.
"The whole idea is to assist students, parents and guardians and to ensure that no brilliant student of Ogun West extraction and indeed Ogun state drops out of school,"he said.
The senator said quality education remained the foundation of national development and attributed his personal achievements to the opportunities education provided.
Adeola pledged to sustain the scholarship and bursary programme while expanding educational infrastructure and legislative support for improved funding of education.
Earlier, Prof. Tope Popoola, the Chairman of the Scholarship Board, said the initiative was aimed at supporting students and reducing the financial burden of education on their parents across the state.
Popoola assured the public that the board maintained a transparent selection process, adding that applications found to contain false information were disqualified.
“Usually once such falsehood are detected, such applications are stepped down. The board diligently carried out the selection process as expected.
"The initiative will continue to grow and eventually become a comprehensive state-wide scholarship and bursary programme,"he said.
