The Nigerian Education Loan Fund (NELFUND) has received an additional N50 billion from the Economic and Financial Crimes Commission (EFCC) to support the country’s student loan programme. This development was confirmed on Friday in a statement by NELFUND’s Head of Corporate Communications, Oseyemi Oluwatuyi.
Oluwatuyi noted that the transfer of funds follows a directive from President Bola Tinubu during his August 4, 2024, speech, in which he instructed the EFCC to allocate the funds to NELFUND. The infusion of N50 billion is seen as a significant step in the administration's efforts to enhance access to education by providing financial assistance to students across Nigeria.
“This significant injection of funds represents a major milestone in the administration’s commitment to bolstering access to education by providing financial support to students across Nigeria,” the statement read.
NELFUND expressed gratitude to President Tinubu for his unwavering dedication to the education sector, particularly for his efforts to support vulnerable populations. “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,” the Fund added.
The Fund also extended its appreciation to the EFCC, under the leadership of Chairman Olanipekun Olukoyede, for facilitating the transfer.
The student loan scheme is a flagship project of the Tinubu administration in the education sector. Shortly after his inauguration, President Tinubu signed the Access to Higher Education Act, which established the Nigerian Education Loan Fund. This act creates a legal framework for providing loans to low-income Nigerians, helping them pay fees in tertiary institutions across the country.
NELFUND is tasked with managing loan requests, disbursements, and recoveries, funded through multiple streams and other productive activities as outlined in the Access to Higher Education Act. The recent financial boost from the EFCC is expected to significantly enhance the Fund’s capacity to support students in need.
