Receiving a significant boost, the Nigerian Education Loan Fund (NELFUND) has been allocated an additional ₦50 billion by the Economic and Financial Crimes Commission (EFCC).
This development, confirmed by Managing Director/CEO Mr. Akintunde Sawyerr, is in response to President Bola Tinubu’s directive on August 4, 2024, which called for the transfer of recovered funds to enhance the student loan program.
In a statement released by Mrs. Oseyemi Oluwatuyi, Director of Corporate Communications at NELFUND, it was noted that the EFCC’s decision aligns with President Tinubu’s vision for educational advancement. The statement highlighted that the funds were received with gratitude, emphasizing their role in significantly bolstering the educational sector.
Mr. Sawyerr expressed appreciation for President Tinubu’s leadership and the EFCC’s swift action. “The allocation of these funds underscores President Tinubu’s commitment to the socioeconomic progress of Nigeria,” he said.
NELFUND also extended thanks to EFCC’s Executive Chairman, Ola Olukayode, for the efficient transfer of resources. The agency’s collaboration with NELFUND will ensure these funds are strategically disbursed to support the education of Nigeria’s youth.
Additionally, the EFCC clarified that the ₦50 billion is not a donation, but part of the recovered proceeds of crime remitted to the Nigerian government. This decision reflects the government’s focus on reinvesting recovered assets into crucial areas like student loans.
NELFUND remains dedicated to utilizing these resources effectively, ensuring they reach those in the greatest need and contribute to the betterment of Nigeria’s educational landscape.
