The Nigerian Education Loan Fund (NELFUND) has confirmed the receipt of a substantial sum of N50 billion from the Economic and Financial Crimes Commission (EFCC) to enhance its student loan initiative, News About Nigeria reports.
In a press release, the Fund’s spokesperson, Oseyemi Oluwatuyi, stated that the organisation is delighted to receive an additional N50 billion from the Economic and Financial Crimes Commission (EFCC).
According to Oluwatuyi, the funds were released following President Bola Tinubu’s directive on August 4, 2024, to transfer the amount to the Fund, thereby strengthening the student loan programme.
“This significant financial boost marks a crucial milestone in the administration’s efforts to expand access to education by providing financial assistance to students nationwide,” the statement said.
The Fund expressed gratitude to President Tinubu for his unwavering commitment to the education sector and his continued support for the most vulnerable segments of society.
“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 the country’s socioeconomic advancement,” the Fund stated.
The Fund also extended its appreciation to the EFCC’s management, led by Chairman Olanipekun Olukoyede.
The student loan scheme is President Tinubu’s flagship project in the education sector, launched barely a month after his inauguration.
Tinubu signed the Access to Higher Education Act, which established a legal framework for providing loans to disadvantaged or low-income Nigerians to pay their fees at Nigerian tertiary institutions.
The law, reenacted earlier this year, established the Nigerian Education Loan Fund, tasked with managing loan requests, grants, disbursement, and recovery.
The Fund will receive funding from multiple sources and engage in other productive activities, as outlined in the Act.
