With this new funding, NELFUND plans to continue its mission of providing equitable and efficient financial support to students, ensuring that the resources are directed to those most in need.
Abuja, Nigeria – The Nigerian Education Loan Fund (NELFUND) has announced the receipt of an additional N50 billion from the Economic and Financial Crimes Commission (EFCC), further bolstering its efforts to provide financial assistance to students across the country.
The infusion of funds, part of the proceeds recovered by the EFCC from criminal activities, was made following a directive from President Bola Tinubu. This move is seen as a significant step in the administration’s commitment to improving access to education for Nigerian students.
In a statement released on Friday by Mrs. Oseyemi Oluwatuyi, NELFUND’s Director of Corporate Communications, the agency expressed gratitude for the financial support. The Managing Director and CEO of NELFUND, Mr.
Akintunde Sawyerr, highlighted that this substantial injection of funds will greatly enhance the agency’s ability to assist students in pursuing their academic goals without financial barriers.
“The management of NELFUND is pleased to receive this additional N50 billion from the EFCC,” the statement read. “This release, directed by President Bola Tinubu on August 4, 2024, marks a major milestone in our mission to expand access to education for all Nigerian students.”
The agency also extended its appreciation to President Tinubu for his continued dedication to the education sector and for prioritizing the needs of vulnerable students. The agency praised the EFCC, under the leadership of its Executive Chairman, Ola Olukayode, for the prompt release of the funds, ensuring that the resources are available to benefit Nigerian youth.
“The decision to allocate these funds to the student loan scheme demonstrates President Tinubu’s visionary leadership and his commitment to fostering a brighter future for Nigerian students and advancing the nation’s socio-economic development,” the statement added.
With this new funding, NELFUND plans to continue its mission of providing equitable and efficient financial support to students, ensuring that the resources are directed to those most in need.
The agency has also sought a partnership with the EFCC to oversee the disbursement process, ensuring transparency and accountability.
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