The Nigerian Education Loan Fund (NELFUND) has confirmed receiving N50 billion from the Economic and Financial Crimes Commission (EFCC), as directed by the federal government.
Oseyemi Oluwatuyi, NELFUND’s Director of Corporate Communications, announced in Abuja on Friday that the funds would significantly enhance the student loan scheme.
She described the transfer as a major milestone in the administration’s efforts to improve access to education.
Oluwatuyi praised the EFCC’s role in recovering the funds, ensuring they would benefit Nigeria’s youth.
The injection of funds into NELFUND’s student loan scheme aligns with the administration’s social intervention policy, demonstrating its commitment to supporting education.
“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 said NELFUND will utilise the funds responsibly and ensure they directly benefit those who need them the most.
President Bola Tinubu enacted an initial version of the student loan policy in June 2023 to grant interest-free loans to students.
The scheme was to commence in October 2023 but implementation was repeatedly deferred until a re-enactment in April 2024.
NELFUND opened the loan application portal on May 24, at which time a pilot phase to serve federal tertiary institutions began.
The fund said the scheme would be open to state-owned tertiary institutions in its second rollout.
