The Nigerian Education Loan Fund (NELFUND) has confirmed receiving ₦50 billion from the Economic and Financial Crimes Commission (EFCC), a sum recovered from the proceeds of crime. This transfer follows a directive from President Bola Tinubu.
In a statement released on Friday, August 23, 2024, by NELFUND’s Director of Corporate Communications, Oseyemi Oluwatuyi, the organization expressed its gratitude for the additional funds.
“NELFUND acknowledges receipt of ₦50 billion from recovered proceeds of crime. The Management of Nigerian Education Loan Fund, under the leadership of its Managing Director/CEO, Mr. Akintunde Sawyerr, is pleased to announce this significant injection of funds,” the statement read.
The directive, given by President Tinubu during his speech on August 4, 2024, instructed the EFCC to transfer the recovered funds to NELFUND to enhance the student loan program. The fund’s management has hailed this as a major milestone in expanding access to education for Nigerian students.
“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,” Oluwatuyi added.
NELFUND also extended its appreciation to President Tinubu for his unwavering dedication to the education sector and commended the EFCC, led by its Executive Chairman, Ola Olukayode, for their swift action in ensuring the timely release of the funds.
“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,” the statement concluded.
The infusion of these funds is expected to significantly bolster NELFUND’s capacity to provide financial support, enabling more students to pursue their academic goals without financial barriers. The organization has also announced its collaboration with the EFCC to oversee the equitable and efficient disbursement of the funds.
