The Nigerian Education Loan Fund (NELFUND) announced on Friday that it has received an additional N50 billion from the Economic and Financial Crimes Commission (EFCC).
This substantial infusion of funds is intended to further support the student loan scheme, enhancing access to education for students nationwide.
In a statement released by NELFUND’s Head of Corporate Communications, Oseyemi Oluwatuyi, the organization expressed its satisfaction with the receipt of the funds.
“We are pleased to receive this additional N50 billion from the Economic and Financial Crimes Commission,” the statement read.
Oluwatuyi noted that the fund transfer was in compliance with a directive issued by President Bola Tinubu during his August 4, 2024, speech, in which he instructed the EFCC to allocate the funds to NELFUND to bolster the student loan program.
“This significant injection of funds represents a major milestone in the administration’s commitment to enhancing access to education by providing financial support to students across Nigeria,” the statement added.
NELFUND extended its gratitude to President Tinubu for his steadfast commitment to the education sector and his continued efforts to support 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,” the Fund stated.
The organization also expressed its appreciation to the EFCC’s management, led by Chairman Olanipekun Olukoyede, for facilitating the release of the funds.
The student loan scheme is a flagship initiative of President Tinubu’s administration in the education sector.
Shortly after his inauguration, Tinubu signed the Access to Higher Education Act, establishing a legal framework for granting loans to indigent and low-income Nigerians to help cover tuition fees at Nigerian tertiary institutions.
The law, re-enacted earlier this year, led to the creation of NELFUND, which is responsible for managing all loan requests, grants, disbursements, and recoveries.
According to the act, the Fund is to be financed through multiple streams and will engage in other productive activities to sustain its operations.
