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.
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