The Economic and Financial Crimes Commission (EFCC) has allocated an additional N50 billion to the Nigerian Education Loan Fund (NELFund) to support the student loan scheme. This decision follows a directive from President Bola Tinubu, who, in a speech on August 4th, 2024, instructed the EFCC to transfer these funds to NELFund. The move aims to strengthen the student loan program and improve access to education for students across Nigeria.
Mrs. Oseyemi Oluwatuyi, Director of Corporate Communications at NELFund, expressed the organization’s gratitude for the significant financial support from the EFCC. She thanked the EFCC under the leadership of Executive Chairman Ola Olukayode for promptly acting on the President’s directive and ensuring the quick transfer of funds. She highlighted that this financial intervention marks a significant step in the government’s commitment to making education more accessible by providing essential financial aid to students nationwide.
Mrs. Oluwatuyi highlighted that President Tinubu’s choice to allocate these recovered funds to the student loan program demonstrates his commitment to Nigeria’s future and improving the lives of its citizens. She explained that this funding aligns with the government’s broader policies to support Nigeria’s youth, who are the largest but often most disadvantaged group in society. By boosting the student loan scheme, the government aims to help young Nigerians access the financial support needed for higher education.
The additional funds will greatly increase NELFund’s ability to provide financial help to students, allowing them to pursue their education without financial stress. Mrs. Oluwatuyi assured that, with ongoing support from the government and the EFCC, NELFund is dedicated to expanding access to higher education for all aspiring Nigerian youth. The organization also aims to improve graduates’ employability by equipping them with the skills necessary for success in both academic and vocational careers.
Mrs. Oluwatuyi also assured that NELFund is committed to using the funds fairly, responsibly, and effectively. She stressed that the funds will be directed to those who need them most, making sure all financial aid reaches its intended recipients. NELFund has partnered with the EFCC to oversee the distribution of the funds, further ensuring transparency and accountability in managing the resources.
