The Nigerian Education Loan Fund (NELFUND) announced that it has received ₦50 billion, recovered by the Economic and Financial Crimes Commission (EFCC) as proceeds of crime.
In a statement released on Friday, NELFUND’s Director of Corporate Communications, Oseyemi Oluwatuyi, confirmed the receipt of the funds. Oluwatuyi explained that the EFCC transferred the funds to NELFUND following the directive of President Bola Tinubu.
The statement read, “NELFUND acknowledges receipt of ₦50 billion from recovered proceeds of crime. The management, led by Managing Director/CEO Mr. Akintunde Sawyerr, is pleased to receive this additional funding from the EFCC.”
This funding aligns with President Tinubu’s directive in his August 4, 2024 speech, aimed at enhancing the student loan program. The injection of these funds is seen as a significant step in the administration’s effort to improve access to education by providing financial support to students across Nigeria.
NELFUND expressed deep appreciation to President Tinubu for his dedication to the education sector and his commitment to supporting vulnerable populations. By allocating these funds to the student loan scheme, the President has demonstrated his visionary leadership and dedication to the future of Nigerian students and the socioeconomic growth of the nation.
NELFUND also thanked the EFCC, led by Executive Chairman Ola Olukayode, for their prompt action in ensuring the funds were quickly made available to benefit Nigerian students.
The funds will significantly enhance NELFUND’s capacity to provide financial assistance, helping students pursue their education without financial barriers. NELFUND remains committed to using the funds responsibly and efficiently, and has sought a partnership with the EFCC to oversee the disbursement process. With the support of the government and EFCC, NELFUND aims to expand access to higher education for all aspiring Nigerian youth and increase the employability of graduates in both academic and vocational fields.
