NELFUND confirms receipt of N50 billion from EFCC’s recovered loot for student loan scheme

The Nigerian Education Loan Fund (NELFUND) has officially confirmed the receipt of N50 billion, which was recovered by the Economic and Financial Crimes Commission (EFCC) as proceeds from criminal activities to finance student loan scheme.

In a statement from NELFUND’s Head of Corporate Communications, Oseyemi Oluwatuyi, the loan fund expressed its satisfaction upon receiving an additional N50 billion from the anti-graft agency.

Oluwatuyi said that the release of these funds followed a directive from President Bola Tinubu, given in his speech on August 4, 2024, instructing the EFCC to transfer the recovered funds to NELFUND in order to further strengthen the student loan programme.

The statement released on Friday read in part:

“The Management of Nigerian Education Loan Fund (NELFUND), under the leadership of its Managing Director/CEO, Mr Akintunde Sawyerr has expressed its pleasure as it receives an additional N50 billion from the Economic and Financial Crimes Commission (EFCC).

“The release follows the directive of President Bola Tinubu in his speech on 4th August, 2024, directing the EFCC to transfer the funds to NELFUND to further boost the student loan program.

“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 extends Its deepest appreciation to President Bola Ahmed Tinubu for his unwavering dedication to the education sector and his continued efforts to support the most vulnerable segments of the population,” he said.