NELFund Receives Additional ₦50bn from EFCC to Support Student Loans

The Nigerian Education Loan Fund (NELFund) has announced the receipt of an additional ₦50 billion from the Economic and Financial Crimes Commission (EFCC) to bolster its efforts in providing financial support to students across Nigeria.

This substantial amount, sourced from recovered proceeds of crime by the nation’s anti-graft agency, was transferred to NELFund following a directive from President Bola Tinubu. The directive, issued as part of the President’s broader initiative to enhance educational access, reflects the administration’s commitment to supporting students financially in their academic pursuits.

In a statement released on Friday by Mrs. Oseyemi Oluwatuyi, NELFund’s Director of Corporate Communications, the agency expressed optimism that this infusion of funds would significantly strengthen its capacity to assist students in overcoming financial barriers to education.

“The management of NELFund, under the leadership of its Managing Director/CEO, Mr. Akintunde Sawyerr, is pleased to announce the receipt of an additional ₦50 billion from the EFCC,” the statement read. “This follows President Bola Tinubu’s directive on August 4, 2024, instructing the EFCC to allocate these funds to NELFund to further support the student loan program.”

The statement highlighted the importance of this funding as a major milestone in the administration’s efforts to enhance educational access. It also extended deep appreciation to President Tinubu for his unwavering dedication to the education sector and his commitment to supporting vulnerable populations.

“By allocating 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, contributing to the socioeconomic advancement of Nigeria,” the statement continued.

NELFund also expressed gratitude to the EFCC, under the leadership of Executive Chairman Ola Olukayode, for their prompt action in ensuring the release of the funds. The statement praised the agency’s diligence, which has ensured that these resources are now available to benefit the education of Nigeria’s youth.