The Economic and Financial Crimes Commission (EFCC) has acknowledged giving the Nigerian Education Loan Fund (NELFUND) an extra N50 billion for the student loan program.

The organization claims that the release was in accordance with President Bola Tinubu’s directive from his August 4, 2024, speech, which directed the EFCC to deliver the monies to NELFUND in order to expand 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,” NELFUND said in a statement by its Director, Corporate Communications, Mrs Oseyemi Oluwatuyi on Friday in Abuja.

It added: “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.

“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.

“NELFUND also wishes to acknowledge and thank the Economic and Financial Crimes Commission (EFCC) under the leadership of its Executive Chairman, Ola Olukayode for their swift action ensuring the release of the funds.

“Their diligent work has ensured that these resources have been promptly made available to benefit the education of our nation’s youth.

“President Bola Ahmed Tinubu’s decision to direct these funds into NELFUND’s student loan scheme underscores the administration’s broader social intervention policy aimed at uplifting the most populous, yet disadvantaged segment of Nigerian society, the youth.”

The funding, according to NELFUND, would greatly increase its capacity to give students the much-needed financial support they require, allowing them to pursue their academic goals without financial obstacles. 

The statement went on to say: “NELFUND has already looked to partner with EFCC to oversee the disbursement process and remains committed to using these funds equitably, responsibly, and efficiently, ensuring that they directly benefit those who need them the most.” 

“NELFUND will keep advancing its mission of increasing tertiary education access for all aspirant Nigerian youth and raising the employability of well-educated graduates in both the academic and vocational sectors with the backing of the government and the EFCC.”