The Nigerian Education Loan Fund (NELFUND) has officially announced the reception of N50 billion sourced from recovered criminal proceeds, courtesy of the Economic and Financial Crimes Commission (EFCC).
In a statement released on Friday by Oseyemi Oluwatuyi, NELFUND’s Director of Corporate Communications, it was revealed that this financial boost came about following directives from President Bola Tinubu.
The statement read, “NELFUND Proudly Acknowledges N50 Billion Received from Recovered Crime Proceeds.” The management of NELFUND, led by Managing Director/CEO Mr. Akintunde Sawyerr, expressed gratitude for the additional funds received from the EFCC.
This financial transfer was initiated in accordance with President Tinubu’s directive made on August 4, 2024, wherein he instructed the EFCC to allocate these funds to NELFUND to enhance the student loan initiative. This substantial funding marks a pivotal moment in the administration’s dedication to improving educational access by providing crucial financial assistance to students throughout Nigeria.
NELFUND extended heartfelt thanks to President Bola Ahmed Tinubu for his steadfast commitment to enhancing the education sector and his ongoing support for Nigeria’s most vulnerable groups.
By allocating these resources to the student loan program, President Tinubu has showcased his forward-thinking leadership and commitment to creating a brighter future for Nigerian students while fostering socioeconomic progress in the country.
NELFUND also expressed gratitude to the EFCC and its Executive Chairman, Ola Olukayode, for their prompt action in facilitating the fund’s release. Their thorough efforts have ensured that these vital resources are swiftly accessible for the education of the nation’s youth.
The decision to channel these funds into NELFUND’s student loan program highlights the administration’s broader social intervention strategy aimed at uplifting Nigeria’s youth, who represent the largest yet most disadvantaged demographic in society.
This influx of capital will significantly enhance NELFUND’s capacity to provide essential financial backing to students, allowing them to pursue their educational goals without the burden of financial constraints.
NELFUND remains dedicated to utilizing these funds in a fair, accountable, and efficient manner, ensuring that they directly benefit those in need. The organization has also sought a partnership with the EFCC to oversee the distribution process.
With government and EFCC support, NELFUND aims to further its mission of expanding access to higher education for aspiring Nigerian youth and improving the employability of well-educated graduates in both academic and vocational fields.
