The Nigerian Education Loan Fund (NELFUND) has announced a significant boost to its financial resources, with the infusion of an additional N50 billion from the Economic and Financial Crimes Commission (EFCC). This substantial amount, which represents a portion of the recovered proceeds of crime, was allocated to NELFUND following a directive from President Bola Tinubu. The funds are intended to enhance NELFUND’s capacity to provide essential financial support to students across Nigeria, enabling them to pursue their educational goals without financial barriers.
In an official statement released on Friday, Mrs. Oseyemi Oluwatuyi, NELFUND’s Director of Corporate Communications, expressed the organization’s satisfaction with the new development. She emphasized that this financial infusion is a major milestone in the government’s ongoing efforts to improve access to education for Nigerian youth.
“The management of the Nigerian Education Loan Fund (NELFUND), under the leadership of its Managing Director/CEO, Mr. Akintunde Sawyerr, is pleased to announce the receipt of an additional N50 billion from the EFCC,” the statement began.
The release of these funds was authorized by President Tinubu in his August 4, 2024 speech, where he directed the EFCC to transfer the funds to NELFUND to bolster the student loan program. This action underscores the administration’s commitment to providing greater access to education through financial support, particularly for vulnerable students.
NELFUND extended its gratitude to President Tinubu for his unwavering support of the education sector and his commitment to the nation’s youth. By directing these funds to the student loan program, President Tinubu has demonstrated his dedication to the future of Nigerian students and the socioeconomic advancement of the country.
In addition, NELFUND acknowledged the swift and effective efforts of the EFCC, led by its Executive Chairman, Ola Olukayode, in ensuring the timely release of the funds. Their cooperation has been crucial in making these resources available for the benefit of Nigerian students.
This latest funding is expected to significantly enhance NELFUND’s ability to provide financial assistance to over 20,000 students in six universities, furthering the organization’s mission to expand access to tertiary education across the country. The organization is committed to using these funds responsibly and equitably, ensuring that they reach the students who need them the most.
To ensure transparency and efficiency in the disbursement process, NELFUND has already sought a partnership with the EFCC. With continued government support and oversight, NELFUND is poised to make a meaningful impact on the educational landscape in Nigeria, helping to prepare a new generation of well-educated, employable graduates in both academic and vocational fields.
