The Nigerian Education Loan Fund (NELFUND) has confirmed receiving ₦50 billion from the Economic and Financial Crimes Commission (EFCC).
This comes after President Bola Ahmed Tinubu in his August 4 speech directed the EFCC to transfer the funds to the agency in order to further boost the student loan program.
The Managing Director of NELFUND, Mr. Akintunde Sawyerr, expressed gratitude to President Tinubu for his dedication to education and the youths in a statement released by the Agency’s Director, Corporate Communications, Mrs. Oseyemi Oluwatuyi on Friday.
“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.
“The fund extends its deepest appreciation to President Bola Ahmed Tinubu for his unwavering dedication to the education sector and his continued efforts to support the most vulnerable segments of the population.
“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 and to the socioeconomic advancement of Nigeria,” the statement partly reads.
NELFUND also lauded the Executive Chairman of the anti-corruption agency, Mr. Ola Olukoyede and his team for their swift action in ensuring the release of the funds, noting that ‘their diligent work has ensured that these resources has been promptly made available to benefit the education of our nation’s youth.’
It explained: “President Bola Ahmed Tinubu’s decision to direct these funds into NELFUND’s student loan scheme underscores the administration’s broader social intervention policy aimed at uplifting the most populous, yet disadvantaged segment of Nigerian society, the youth.
“This infusion of funds will significantly boost NELFUND’s ability to provide much-needed financial support to students, enabling them to pursue their academic aspirations without financial hindrance.”
NELFUND reiterated its commitment, emphasising that it will utilise the funds equitably, responsibly and efficiently, ensuring that they directly benefit those who need them the most and have already sought a partnership with EFCC to oversee the disbursement process.
The statement added: “With the support of the government and the EFCC, NELFUND will continue to drive forward the mission of expanding access to tertiary education for all aspiring Nigerian youth and increasing the employability of well educated graduates in both the academic and vocational sectors.”
