- NELFUND is saddled with the responsibility of handling all loan requests, grants, disbursement, and recovery.
- The Fund, according to the act, is to be funded from multiple streams and will engage in other productive activities.
The Nigerian Education Loan Fund says its has received financial boost, a substantial N50 billion injection from the Economic and Financial Crimes Commission to enhance its student loan program.
In a statement, the Fund’s spokesperson, Oseyemi Oluwatuyi, expressed enthusiasm for the additional funding, courtesy of the Economic and Financial Crimes Commission.
Oluwatuyi attributed the release of funds to President Bola Tinubu’s August 4, 2024, directive, aimed at fortifying the student loan initiative.
This financial infusion marks a pivotal moment in the administration’s quest to broaden educational access, providing vital support to students nationwide.
The Fund commended President Tinubu for his steadfast dedication to education and his unwavering support for the most vulnerable populations.
“By channeling these resources into the student loan program, President Tinubu has reaffirmed his visionary leadership, paving the way for a brighter future for Nigerian students and the nation’s socioeconomic progress,” the Fund emphasized.
The Fund also extended its gratitude to the EFCC’s leadership, headed by Chairman Olanipekun Olukoyede.
As President Tinubu’s flagship education initiative, the student loan program has been a priority since his inauguration.
The Access to Higher Education Act, signed into law by Tinubu, established a legal framework for providing financial assistance to disadvantaged students, enabling them to access higher education.
The Act, reenacted earlier this year, gave birth to the Nigerian Education Loan Fund, tasked with managing loan applications, disbursements, and recoveries.
The Fund will draw from diverse funding sources and engage in various productive activities, as outlined in the legislation.