The Nigerian Education Loan Fund (NELFUND) has received another boost with the infusion of an additional N50 billion from the Economic and Financial Crimes Commission (EFCC).
The funds, part of recovered proceeds of crime, were released following a directive from President Bola Tinubu aimed at enhancing financial support for students across Nigeria.
In a statement on Friday by its Director of Corporate Communications, Mrs. Oseyemi Oluwatuyi, NELFUND expressed its gratitude for the increased funding, noting that it will substantially strengthen its ability to support students in pursuing their academic goals without financial barriers.
The statement read, “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 financial injection is seen as a major milestone in the administration’s commitment to expanding access to education through targeted financial assistance.
NELFUND extended its appreciation to President Tinubu for his ceaseless support of the education sector and for prioritizing the needs of the most vulnerable populations.
The statement continued, “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 acknowledged the EFCC’s swift action in transferring the funds, praising the agency under the leadership of Executive Chairman Ola Olukayode for ensuring that these resources were made available promptly to benefit the education of the nation’s youth.
The statement further emphasized the administration’s broader social intervention policies, noting that “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.”
With this infusion of funds, NELFUND is committed to utilizing the resources equitably and efficiently, ensuring that they directly benefit students in need.
The agency has already sought a partnership with the EFCC to oversee the disbursement process, reinforcing its mission to expand access to tertiary education and improve the employability of well-educated graduates in both academic and vocational sectors.
