The Nigerian Education Loan Fund (NELFUND) confirmed on Friday that it has received an additional N50 billion from the Economic and Financial Crimes Commission (EFCC) to bolster its student loan scheme, enhancing access to education across the country.
Oseyemi Oluwatuyi, NELFUND’s Head of Corporate Communications, expressed satisfaction with the significant financial boost.
“We are pleased to receive this additional N50 billion from the EFCC,” the statement noted.
The transfer aligns with President Bola Tinubu’s directive during his August 4, 2024, address, instructing the EFCC to allocate the funds to NELFUND to support the student loan initiative.
“This substantial injection of funds marks a major milestone in the administration’s commitment to expanding educational opportunities by providing financial assistance to students nationwide,” the statement added.
NELFUND extended its gratitude to President Tinubu for his unwavering commitment to the education sector and praised his efforts in supporting vulnerable populations.
“By allocating these funds to the student loan scheme, President Tinubu has once again demonstrated his visionary leadership and dedication to fostering a brighter future for Nigerian students,” the Fund stated.
The organization also thanked EFCC Chairman Olanipekun Olukoyede and his team for facilitating the fund transfer.
The student loan program 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, establishing a legal framework for providing loans to indigent and low-income Nigerians to cover tuition fees at tertiary institutions.
The act led to the creation of NELFUND, which manages all aspects of loan requests, grants, disbursements, and recoveries.
According to the law, the Fund is supported by various financial streams and engages in other productive activities to sustain its operations.
