The Economic and Financial Crimes Commission (EFCC) has disbursed N50 billion to bolster the Nigerian Education Loan Fund (NELFUND), an initiative of the President Bola Tinubu administration aimed at providing financial support to indigent students across the country.
This was announced by the EFCC on Tuesday, August 13, 2024, during a courtesy visit by the Fund’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, and his management team to the EFCC headquarters in Abuja.
Mr. Sawyerr expressed gratitude to the EFCC for the substantial financial injection, which was sourced from proceeds of crime recovered by the anti-graft agency. “We are aware of the funds from the proceeds of crime extended to NELFUND. We are here to express our gratitude for the gesture. We also want the EFCC to exercise oversight on what we are doing,” Sawyerr said. He emphasized the significance of the initiative, noting that it was designed to address the poor development of youths in the nation’s education sector.
In his remarks, EFCC Chairman Mr. Ola Olukoyede commended President Tinubu for the initiative, describing it as a strategic policy measure against crime. He highlighted the connection between lack of educational support and the rise in cybercrimes, stating, “One of the main incentives for cybercrimes is the inability of parents to fund the education of their children. NELFUND is a policy issue against crimes. President Tinubu should be commended for initiating the Fund.”
Olukoyede also urged the NELFUND management to maintain transparency and integrity in their operations, warning against the potential re-looting of the allocated funds. “Let your hands be clean. The work entrusted to you is going to help the EFCC fight corruption. Let your systems and processes be transparent,” he advised.
He further emphasized the need for regular reporting on the disbursement of the funds to the EFCC to ensure accountability.
The Nigerian Education Loan Fund has made significant strides since its inception. On April 3, 2024, President Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law. By May, 1.2 million students in federal tertiary institutions had registered for the program, marking the commencement of the first batch of beneficiaries.
On August 7, 2024, NELFUND reported a milestone achievement, receiving the highest number of student loan applications within 24 hours since the launch of its portal in May. The Fund recorded 9,687 student registrations, with 7,975 completed loan applications.
As of August 2, 2024, a total of 22,120 students had benefited from the loan scheme, with loans totaling N2.5 billion disbursed across various institutions, according to a statement by NELFUND’s spokesman, Nasir Ayitogo.
