The Nigerian Education Loan Fund (NELFUND) has received a significant financial boost with the transfer of ₦50 billion from the Economic and Financial Crimes Commission (EFCC).
This transfer, following a directive from President Bola Ahmed Tinubu, marks a major step forward in the government’s commitment to expanding access to education for Nigerian students through financial assistance.
The announcement was made by NELFUND’s Managing Director and CEO, Mr. Akintunde Sawyerr, who expressed the organization’s deep appreciation for the funds.
“We are immensely grateful to President Tinubu for his visionary leadership and unwavering commitment to the education sector,” Sawyerr said.
“This substantial financial support will significantly enhance our capacity to provide student loans, ensuring that more young Nigerians can pursue their academic dreams without the burden of financial constraints.”
The transfer of funds comes after President Tinubu’s speech on August 4, 2024, in which he directed the EFCC to allocate the recovered proceeds of crime to NELFUND.
The President emphasized that the funds should be used to bolster the student loan program, a key component of his administration’s broader social intervention policy aimed at uplifting the most vulnerable segments of Nigerian society, particularly the youth.
President Tinubu’s decision to channel these funds into education reflects his administration’s prioritization of human capital development. In recent years, access to higher education in Nigeria has been increasingly challenging for many students, particularly those from low-income backgrounds.
The student loan scheme, supported by NELFUND, is designed to alleviate this burden, making it possible for more Nigerians to access tertiary education and improve their future prospects.
The transfer of ₦50 billion to NELFUND was facilitated by the EFCC under the leadership of its Executive Chairman, Ola Olukayode.
NELFUND acknowledged the EFCC’s prompt action in ensuring that these resources were made available without delay.
“The diligence of the EFCC in this matter cannot be overstated,” said Mrs. Oseyemi Oluwatuyi, Director of Corporate Communications for NELFUND.
“Their swift response has ensured that these funds will now be used to benefit the education of our nation’s youth, in line with the President’s directive.”
The infusion of ₦50 billion into NELFUND is expected to have a profound impact on the student loan program.
