Student Loan: NELFUND confirms receiving N50 billion from EFCC

The Nigerian Education Loan Fund (NELFUND) has confirmed receiving N50 billion from the Economic and Financial Crimes Commission (EFCC).

NELFUND’s Managing Director, Akintunde Sawyerr, expressed gratitude to President Bola Tinubu for his commitment to education and the youths in a statement released on Thursday by the agency’s Head of Corporate Communications, Oseyemi Oluwatuyi.

“This significant injection of funds represents a major milestone in the Administration’s efforts to bolster access to education by providing financial support to students across Nigeria,” the statement quoted Mr Sawyerr as saying.

The release of the money from the EFCC followed the directive President Bola Tinubu gave in his 4 August speech in reaction to the nationwide anti-government #EndBadGovernance protests, which began on 1 August.

President Tinubu directed the anti-corruption agency to take the money from the proceeds of crime recovered by the EFCC to further boost the student loan programme.

According to him, as of the time of his speech, a total of N45.6 billion “has already been processed for payment to students and their respective institutions.”

NELFUND said the money would enhance the NELFund’s ability to support students to pursue their academic aspirations without financial hindrance.

NELFUND thanked Mr Tinubu for “his unwavering dedication” to the education sector and continued efforts to support the most vulnerable population segments.

“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,” the NELFUND’s statement added.

It also thanked the EFCC management, headed by the Chairman, Olanipekun Olukoyede, for its prompt compliance with the president’s directive.

EFCC to monitor released fund

EFCC chairman, Ola Olukoyede, has said the commission would monitor the use of the money to ensure accountability and the realisation of the objectives of the Scheme.

EFCC’s Head of Media and Publicity, Dele Oyewale, said Mr Olukoyede gave the assurance at his office during a visit by NELFUND’s Managing Director, Mr Sawyerr, on 13 August, about nine days after the president ordered the release of the N50 billion.

Mr Olukoyede also clarified during the meeting that the money was not a donation from EFCC.

“The said fund was not a donation by the Commission but part of the recovered proceeds of crime remitted to the government. President Bola Ahmed Tinubu in furtherance of his social intervention policy for the most vulnerable segments of the population, decided in his wisdom, to plough the money into funding the critically acclaimed students loan scheme,” read a statement released on 14 August by EFCC’s Head of Media and Publicity, Dele Oyewale.

The statement said that the EFCC has no power to determine where the government commits recovered proceeds of crime.

“But the student’s loan scheme is a salutary innovation which has the potential to reduce youth involvement in criminality,” it added.

About scheme

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

Barely a month after his inauguration as president, Mr Tinubu signed the Access to Higher Education Act, which creates a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their fees in Nigerian tertiary institutions.

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The law, reenacted earlier this year, created the Nigerian Education Loan Fund (NELFUND). NELFUND is responsible for handling all loan requests, grants, disbursements, and recovery.

According to the Act, the Fund will be funded from multiple streams and engage in other productive activities.

The Act also stipulates that the scheme will be funded through donations, gifts, grants, endowments, and revenue accruing to the fund from any other source.