The Nigerian Education Loan Fund (NELFUND) has commended President Bola Tinubu for directing that eligible liquid assets recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the fund to strengthen financing for student loans.
In a statement issued on Thursday in Abuja by its Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND said the intervention would help meet the growing funding needs of the student loan scheme.
Chairman of the NELFUND Board, Jim Ovia, also welcomed the Federal Executive Council’s approval to redirect unclaimed dividends from the Capital Market Trust Fund, as well as funds from the Dormant Account Trust Fund, to NELFUND.
The development comes as the student loan programme continues to expand. NELFUND said it had disbursed more than N322 billion to beneficiaries through over 1.6 million loan applications as of August 2026.
Ovia said the decision underscored the Tinubu administration’s commitment to making access to higher education more inclusive and sustainable.
NELFUND Managing Director and Chief Executive Officer, Akintunde Sawyerr, also expressed appreciation to the President for prioritising education financing.
Sawyerr said, “NELFUND deeply appreciates His Excellency, President Bola Ahmed Tinubu, for this significant intervention and for his unwavering commitment to ensuring that no Nigerian student is denied access to higher education because of financial constraints.”
He said the intervention reflected the President’s belief in the transformative power of education and would further strengthen efforts to establish a sustainable financing system for Nigerian students.
He added, “On behalf of the Executive Management, staff of NELFUND, and millions of Nigerian students, we thank Mr. President for this confidence and assure him that we will continue to deploy every resource entrusted to the fund responsibly, transparently and in the best interest of Nigerian students.”
NELFUND said the new funding arrangements would further support the Federal Government’s efforts to establish sustainable education financing while expanding access to student loans for more eligible Nigerians.
