Student loan: NELFUND acknowledges receipt of N50bn crime proceeds from EFCC

For the student loan program, the Economic and Financial Crimes Commission (EFCC) has confirmed giving an additional N50 billion to the Nigerian Education Loan Fund (NELFUND).

As per the organisation, President Bola Tinubu instructed the EFCC to transfer the monies to NELFUND in order to enhance the student loan program, and this was done in accordance with the release that was made on August 4, 2024.

In a statement released on Friday in Abuja, NELFUND's Director of Corporate Communications, Mrs. Oseyemi Oluwatuyi, stated that "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 statement read, "The fund expresses its sincere gratitude to President Bola Ahmed Tinubu for his steadfast commitment to the field of education and his ongoing efforts to assist the most vulnerable populations.

By choosing to use these monies for the student loan program, President Tinubu has once again shown his visionary leadership and dedication to creating a better future for Nigerian students as well as to the country's socioeconomic growth.

"NELFUND also wants to express its gratitude to the Economic and Financial Crimes Commission (EFCC), which is led by Ola Olukayode, the Executive Chairman, for acting quickly to secure the return of the monies.

"The administration's larger social intervention program, which aims to elevate the most numerous yet underprivileged element of Nigerian society, the youth, is underscored by President Bola Ahmed Tinubu's choice to direct these money into NELFUND's student loan scheme.”

As per NELFUND, the influx of money will considerably enhance its capacity to furnish students with essential financial assistance, so empowering them to accomplish their academic goals devoid of financial constraints.

"NELFUND is dedicated to using these money in an equitable, responsible, and effective manner, making sure that they directly assist people who need them the most," the statement continued. "We have already pursued a cooperation with EFCC to oversee the payout process.

"The goal of NELFUND is to increase the employability of well-educated graduates in both the academic and vocational sectors by providing access to tertiary education for all aspirant Nigerian youth, with the backing of the government and the EFCC."