The support for the Nigerian Education Loan Fund has been boosted by the recent release of N50bn by the Economic and Financial Crimes Commission.
In a recent visit to the EFCC headquarters in Abuja, the Managing Director and CEO of the Fund, Mr. Akintunde Sawyerr, expressed gratitude for the injection of funds. The initiative, spearheaded by the administration led by President Bola Tinubu, aims to provide educational funding for underprivileged students.
According to a statement on the EFCC’s website, Sawyerr appreciated the EFCC’s contribution of N50 billion from recovered proceeds of crime to NELFUND.
Sawyerr emphasized the importance of addressing the educational needs of the youth, acknowledging the significant problem identified by President Tinubu and the proactive steps taken to tackle it.
The EFCC Chairman, Mr. Ola Olukoyede, commended the president for this anti-crime policy initiative. He highlighted the link between lack of parental support for education and the involvement of children in financial crimes.
Olukoyede advised transparency in NELFUND’s operations to aid the fight against corruption and ensure the proper utilization of the N50bn donation. He stressed the need for clean processes and accountability to prevent misappropriation of funds.
He urged the NELFUND team to provide detailed reports on fund disbursement to the EFCC, emphasizing the importance of maintaining integrity and vigilance in their financial dealings.
In a bid to support the success of the initiative, Olukoyede underscored the collective responsibility of Nigerians in upholding the integrity of the NELFUND program and the administration’s goals.
Since the enactment of the Student Loans (Access to Higher Education) Act in April 2024, over 22,000 students have already benefitted from the loan scheme, with NELFUND disbursing loans totaling N2.5bn among various institutions.
The increasing momentum and positive response to the loan scheme indicate a promising future for educational support in the country.
