The Nigerian Education Loan Fund (NELFUND) has confirmed the receipt of N50 billion from the Economic and Financial Crimes Commission (EFCC) on Friday. This transfer follows President Tinubu’s directive during his August 4th address, which focused on the “End Bad Governance” campaign. In his speech, the president instructed the EFCC to allocate the funds to NELFUND to further enhance the student loan program.
In a statement issued by NELFUND’s Head of Corporate Communications, Oseyemi Oluwatuyi, the Fund expressed its satisfaction, stating, “We are pleased to receive an additional N50 billion from the Economic and Financial Crimes Commission.”
“This significant injection of funds marks a major milestone in the administration’s ongoing efforts to increase access to education by providing financial support to students across Nigeria,” the statement added.
NELFUND also expressed its gratitude to the Tinubu administration for its unwavering commitment to supporting the most vulnerable segments of the population through enhanced educational opportunities.
“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 and advancing the socio-economic development of Nigeria,” the Fund stated.
The implementation of the student loan scheme is a flagship project of Tinubu’s administration in the education sector.
This initiative comes in the wake of the removal of education subsidies, which led to a significant increase in tuition and other fees in universities, just a month after his inauguration as president.
Following these changes, President Tinubu signed the Access to Higher Education Act, establishing a legal framework for granting loans to indigent or low-income Nigerians to help them cover their fees at Nigerian tertiary institutions. This law, reenacted earlier this year, formally established the Nigerian Education Loan Fund.
NELFUND is tasked with handling all aspects of loan requests, grants, disbursements, and recovery. According to the Act, the Fund will be financed through multiple streams and will engage in other productive activities.
