The Nigerian Education Loan Fund (NELFUND) has confirmed the receipt of a substantial N50 billion from the Economic and Financial Crimes Commission (EFCC) to support its student loan scheme. This significant financial boost follows a directive from President Bola Tinubu, who ordered the transfer of these funds to NELFUND during his speech on August 4, 2024.

In an official statement released on Friday by NELFUND’s Head of Corporate Communications, Oseyemi Oluwatuyi, the organization expressed its pleasure at receiving the additional funds. Oluwatuyi highlighted that this influx of capital represents a crucial step in the administration’s ongoing efforts to improve access to education by providing financial assistance to students nationwide.

“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 statement read.

NELFUND extended its gratitude to President Tinubu for his unwavering commitment to the education sector, praising his dedication to supporting vulnerable populations in Nigeria. The Fund emphasized that the decision to allocate these funds to the student loan scheme is a testament to President Tinubu’s visionary leadership and his commitment to nurturing the future of Nigerian students and promoting the country’s socioeconomic progress.

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Additionally, NELFUND expressed appreciation for the EFCC’s management, led by Chairman Olanipekun Olukoyede, for facilitating the transfer of funds.

The student loan scheme is one of President Tinubu’s flagship initiatives in the education sector. Shortly after taking office, President Tinubu signed the Access to Higher Education Act, which provides a legal framework for granting loans to indigent or low-income Nigerians to cover their tuition fees at tertiary institutions across the country. The Act, reenacted earlier this year, established NELFUND as the body responsible for managing all aspects of the loan process, including requests, grants, disbursements, and recoveries.

Under this Act, NELFUND is designed to be funded through various revenue streams and is expected to engage in other productive activities to sustain and expand its operations. The N50 billion infusion from the EFCC marks a significant step forward in fulfilling the Fund’s mission to make higher education more accessible to all Nigerians.