N50bn received from EFCC to boost student loan scheme – NELFUND

On Friday, the Nigerian Education Loan Fund (NELFUND) confirmed receiving N50 billion from the Economic and Financial Crimes Commission (EFCC).

In a statement from NELFUND’s Head of Corporate Communications, Oseyemi Oluwatuyi, the fund expressed its satisfaction with the additional N50 billion provided by the EFCC. This release followed President Bola Tinubu’s directive on August 4, 2024, to transfer the funds to NELFUND to enhance the student loan program.

Oluwatuyi emphasized that this substantial financial boost marks a significant step in the administration’s efforts to improve access to education by supporting students across Nigeria.

The Fund also extended its gratitude to President Tinubu for his ongoing dedication to the education sector and his commitment to aiding vulnerable populations. By allocating these funds to the student loan scheme, President Tinubu has reaffirmed his leadership and dedication to advancing educational opportunities and socioeconomic development in Nigeria.

Additionally, NELFUND thanked EFCC Chairman Olanipekun Olukoyede and the EFCC management.

President Tinubu’s student loan scheme is a key initiative in his education reform agenda. Shortly after taking office, he signed the Access to Higher Education Act, which established a legal framework for providing loans to financially disadvantaged Nigerians for higher education. This law, reenacted earlier this year, led to the creation of NELFUND, responsible for managing all loan requests, grants, disbursements, and recoveries, and is funded through various sources.