The Nigerian Education Loan Fund (NELFUND) announced on Friday that it has received N50 billion from the Economic and Financial Crimes Commission (EFCC) to bolster its student loan scheme.
In a statement released by Oseyemi Oluwatuyi, NELFUND’s Head of Corporate Communications, the organization expressed its appreciation for the substantial financial boost. “We are pleased to announce the receipt of an additional N50 billion from the EFCC,” the statement read.
This funding comes following a directive from President Bola Tinubu, who in his August 4, 2024, address instructed the EFCC to allocate the funds to NELFUND. This move is part of the administration’s broader efforts to enhance educational opportunities by providing financial support to students across Nigeria.
“This significant injection of funds marks a major milestone in the administration’s commitment to increasing access to education for Nigerian students,” the statement added.
NELFUND also extended its gratitude to President Tinubu for his unwavering commitment to the education sector and his focus on supporting the country’s most vulnerable populations.
“By allocating these funds to the student loan scheme, President Tinubu has once again shown his visionary leadership and dedication to creating a brighter future for Nigerian students and advancing the nation’s socioeconomic development,” NELFUND stated.
The Fund also thanked the EFCC, led by its Chairman, Olanipekun Olukoyede, for facilitating the transfer.
The student loan scheme is a key initiative of President Tinubu’s administration in the education sector. Shortly after his inauguration, Tinubu signed the Access to Higher Education Act, which provides a legal framework for granting loans to low-income Nigerians to help cover their fees at tertiary institutions.
The law, re-enacted earlier this year, established NELFUND to manage all aspects of the loan process, including requests, disbursements, and recoveries. According to the Act, NELFUND is funded from multiple sources and will engage in other productive activities to support its operations.
