Highlight

NELFUND receives N50bln from EFCC to boost student loan programme

254

The Nigerian Education Loan Fund (NELFUND) announced on Friday that it has received a N50 billion transfer from the Economic and Financial Crimes Commission (EFCC).

President Bola Tinubu’s directive on August 4, 2024, instructing the EFCC to transfer the funds to NELFUND to enhance the student loan scheme, led to the release of the funds.

In a statement by NELFUND’s Head of Corporate Communications, Mrs. Oseyemi Oluwatuyi, the Fund expressed its satisfaction at receiving an additional N50 billion from the EFCC.

The statement said: “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 Fund thanked Tinubu for what it described as 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, President Tinubu has once again demonstrated his visionary leadership and commitment to fostering a brighter future for Nigerian students and to the socioeconomic advancement of Nigeria.”

Additionally, it expressed gratitude to the EFCC’s management team, led by the Chairman, Mr. Olanipekun Olukoyede.

The implementation of the student loan scheme is Tinubu’s flagship project in the education sector.

Persecondnews recalls that a month into his presidency, Tinubu enacted the Access to Higher Education Act, establishing a legislative framework that enables the provision of loans to disadvantaged or low-income Nigerians, thereby facilitating their tuition payments in Nigerian universities and tertiary institutions.

The law, amended earlier this year, created NELFUND.

All loan requests, grants, disbursements, and recovery fall under the purview of NELFUND.

The Act stipulates that the Fund will receive funding from a variety of channels and will additionally pursue other productive initiatives to enhance its operations and impact.

Leave a comment

Related Articles

The Federal Government has taken swift action against bullying in Federal Government...

Edo Gov. Okpebholo appoints Oshimhole’s son commissioner, SSG, AG, others

The new governor of Edo State, Sen. Monday Okpebholo, has announced Mr....

Rodri Brushes Off Vinicius, Real Madrid at Ballon d’Or ceremony

Recently crowned 2024 Ballon d’Or winner Rodri has downplayed the absence of...

Super Eagles Land in Abidjan, Gear Up for Benin Republic Clash

The Nigerian national football team, the Super Eagles, has arrived in Abidjan,...

Nigeria signs $1.2bln deal with CNCEC to revive aluminium smelter

Nigeria has taken a significant step towards reviving its dormant aluminium smelter...

VP Shettima Arrives in Benin City for Edo Governor’s Inauguration

Vice President Kashim Shettima has arrived in Benin City, Edo State capital,...

Breaking: Powerful explosion rocks Jos, many people feared dead

A devastating explosion shook the city of Jos on Tuesday morning, sending...

NNPC Ltd. boss, Mele Kyari, thrashes allegation of sabotaging Dangote Refinery as baseless

Mr. Mele Kyari, the Group Chief Executive Officer of the Nigerian National...

Infanticide: US places $25,000 bounty on fleeing Nigerian parent

The United States of America has offered a $25,000 reward for anyone...

Tinubu, Abiodun, Sanwo-Olu, others extol Pastor Tunde Bakare at 70

Pastor Tunde Bakare, the founder of Citadel Global Community Church, is a...

NNPC Ltd. Unveils Plan to Resolve Nigeria’s Energy Trilemma

Nigerian National Petroleum Company Limited (NNPC Ltd) Group CEO, Mr. Mele Kyari,...

Breaking: IPMAN Secures Direct Supply Deal with Dangote Refinery, Promises Steady, Affordable Fuel Nationwide

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a landmark...

“Operation Sweep”, FCT demolition squad, faces backlash from residents, Wike reacts

The recent demolition exercise by “Operation Sweep”, a task force set up...

Nov. 16 Ondo guber poll: Sensitive election materials arrive

Ahead of the Saturday, October 16 governorship poll in Ondo State, sensitive...

China’s imports from Nigeria soar to $15.1bln, 36.1% increase

China’s imports from Nigeria have reached an all-time high of $15.1 billion...

Vandals destroy TCN towers, disrupt power supply in Abuja

The Transmission Company of Nigeria (TCN) has reported a fresh attack on...

Amid opposition, Kano Rep. Jibrin promises to push Tinubu’s tax reform bills through in NASS

In spite of growing opposition to President Bola Tinubu’s controversial tax reform...

FCT Police bust notorious car theft syndicate, arrest suspect, recover 3 vehicles

The Federal Capital Territory (FCT) Police has confirmed the arrest of a...

Osimhen’s Brace Powers Galatasaray to 3-2 Win Over Samsunspor

Nigerian striker Victor Osimhen led Galatasaray to a thrilling 3-2 victory over...

Amotekun, Vigilante groups barred from Ondo gov. election – IGP Egbetokun

The Inspector-General of Police Kayode Egbetokun has banned Amotekun, Vigilante Groups, and...