NELFUND acknowledges receipt of ₦50bn from EFCC

The Nigerian Education Loan Fund (NELFUND) has acknowledged the receipt of an additional N50 billion from the Economic and Financial Crimes Commission (EFCC).

Supreme News reports that the Federal Government had injected N60 billion into the fund.

Mrs Oseyemi Oluwatuyi, the Director, Corporate Communications, NELFUND, announced this in a statement on Friday in Abuja.

Oluwatuyi said the release followed the directive of President Bola Tinubu on Aug. 4, directing the EFCC to transfer the funds to NELFUND to further boost the student loan programme.

She said the significant injection of the funds represented 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 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,Tinubu has once again demonstrated his visionary leadership and commitment to fostering a brighter future for Nigerian students.

“NELFUND also wishes to acknowledge and thank the EFCC under the leadership of its Executive Chairman, Ola Olukayode, for their swift action ensuring the release of the funds,” she said.

According to her, NELFUND has ensured that the resources were promptly made available to benefit the education of our nation’s youth.

She added that the decision to direct the funds into NELFUND’s student loan scheme underscored the administration’s broader social intervention policy aimed at uplifting the most populous segment of Nigerian society.

“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,” she said.

Oluwatuyi is assured of NELFUND’s commitment to utilising the funds equitably, responsibly, and efficiently, while ensuring that they directly benefit those who need them the most.

She said that NELFUND would continue to drive the mission of expanding tertiary education access for all Nigerian youths.

She said that through the fund, there would be an increase in the employability of well-educated graduates in both the academic and vocational sectors.

The EFCC had on Aug. 13 pledged to release N50bn to support the loan scheme when NELFUND’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, led his management team on a courtesy visit to the EFCC headquarters in Abuja.