The Economic and Financial Crimes Commission (EFCC) has disbursed N50 billion to the Nigerian Education Loan Fund (NELFUND) from assets recovered in its anti-corruption efforts to support the student loan programme.
This was disclosed in a press statement released by the EFCC on Tuesday, following a visit by NELFUND’s head, Akinwunmi Sawyerr, to the Commission’s headquarters.
EFCC Chairman, Ola Olukoyede, praised the student loan initiative, stating that it is a strategic measure against corruption.
He noted that the financial struggles faced by many parents in funding their children’s education often push students towards economic and financial crimes.
“One of the main incentives to cybercrimes is the inability of parents to fund the education of their children. NELFUND is a policy issue against crimes. President Tinubu should be commended for initiating the Fund,” Olukoyede stated.
Akinwunmi Sawyerr, head of NELFUND, expressed gratitude to the EFCC for the N50 billion contribution from recovered assets.
He stated that the student loan programme is designed to provide financial assistance to underprivileged students and welcomed the EFCC’s oversight of the fund’s activities.
News About Nigeria reports that the Student Loan Act of 2024, under which NELFUND operates, was established to ensure that all Nigerian students, regardless of their financial background, have access to higher education.
The fund will receive money from various sources, including a small percentage of taxes and duties collected by government agencies like the Federal Inland Revenue Service, the Nigerian Immigration Service, and the Nigerian Customs Service.
Additionally, proceeds from natural resource activities, education bonds, and donations will contribute to the fund.
The loans provided by NELFUND will cover tuition, fees, and living expenses, with repayment beginning two years after graduates complete the National Youth Service Corps (NYSC) programme, allowing them time to establish their careers before repayment begins.
