Student loan: NELFUND receives additional N50bn from EFCC

The Nigerian Education Loan Fund, NELFUND, says it has received an additional N50 billion from the Economic and Financial Crimes Commission (EFCC) to boost its efforts in providing financial support to students across Nigeria.

The amount, which is part of the recovered proceeds of crime by the nation’s anti-graft agency, was released to the students loan agency following a directive to that effect by President Bola Tinubu.

In a statement on Friday by its Director, Corporate Communications, Mrs. Oseyemi Oluwatuyi, NELFUND said the infusion of funds will significantly boost its ability to provide much-needed financial support to students, enabling them to pursue their academic aspirations without financial hindrance.

The statement reads in full: “The management of Nigerian Education Loan Fund (NELFUND), under the leadership of its Managing Director/CEO, Mr Akintunde Sawyerr has expressed its pleasure as it receives an additional N50 billion from the Economic and Financial Crimes Commission (EFCC).

“The release follows the directive of President Bola Tinubu in his speech on 4th August, 2024, directing the EFCC to transfer the funds to NELFUND to further boost the student loan program.

“This significant injection of funds represents a major milestone in the administration’s commitment to bolstering access to education by providing financial support to students across Nigeria.

“The fund extends its deepest appreciation to President Bola Ahmed Tinubu for his unwavering dedication to the education sector and his continued efforts to support the most vulnerable segments of the population.

“By deciding to allocate these funds to the student loan scheme, President Tinubu has once again demonstrated his visionary leadership and commitment to fostering a brighter future for Nigerian students and to the socioeconomic advancement of Nigeria.

“NELFUND also wishes to acknowledge and thank the Economic and Financial Crimes Commission (EFCC), under the leadership of its Executive Chairman, Ola Olukayode, for their swift action ensuring the release of the funds.

“Their diligent work has ensured that these resources has been promptly made available to benefit the education of our nation’s youth.

“President Bola Ahmed Tinubu’s decision to direct these funds into NELFUND’s student loan scheme underscores the administration’s broader social intervention policy aimed at uplifting the most populous, yet disadvantaged segment of Nigerian society, the youth.

“This infusion of funds will significantly boost NELFUND’s ability to provide much-needed financial support to students, enabling them to pursue their academic aspirations without financial hindrance.

“NELFUND remains committed to utilizing these funds equitably, responsibly, and efficiently, ensuring that they directly benefit those who need them the most, and have already sought a partnership with the EFCC to oversee the disbursement process.

“With the support of the government and the EFCC, NELFUND will continue to drive forward the mission of expanding access to tertiary education for all aspiring Nigerian youth and increasing the employability of well-educated graduates in both the academic and vocational sectors.