NELFUND Receives N50bn Boost from EFCC for Student Loans

The Nigerian Education Loan Fund (NELFUND) has announced the receipt of N50 billion from the Economic and Financial Crimes Commission (EFCC) to enhance its student loan program, following President Bola Tinubu’s directive.

The Nigerian Education Loan Fund (NELFUND) confirmed on Friday that it has been allocated N50 billion from the Economic and Financial Crimes Commission (EFCC).

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This significant funding boost comes as part of President Bola Tinubu’s initiative to strengthen the student loan scheme aimed at improving access to education for Nigerian students.

In a statement, NELFUND’s Head of Corporate Communications, Oseyemi Oluwatuyi, expressed satisfaction with the new financial support. “We are pleased to receive this additional N50 billion from the EFCC,” Oluwatuyi stated. This allocation follows President Tinubu’s August 4, 2024 directive for the EFCC to transfer the funds to support the student loan program.

Oluwatuyi highlighted that this financial injection marks a crucial step in the administration’s efforts to enhance educational access. “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 noted.

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NELFUND acknowledged President Tinubu’s unwavering commitment to the education sector, praising his leadership and dedication to advancing educational opportunities. “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 remarked.

The statement also expressed gratitude to EFCC Chairman Olanipekun Olukoyede and his team for their role in facilitating the fund transfer.

The Nigerian Education Loan Fund, established under the Access to Higher Education Act, manages all loan requests, grants, disbursements, and recoveries.

The law, initially signed into effect shortly after President Tinubu’s inauguration, aims to provide financial assistance to indigent students and support their education at tertiary institutions across Nigeria.