The Nigerian Education Loan Fund (NELFUND) has applauded President Bola Ahmed Tinubu for directing that eligible liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled into the Fund to strengthen student loan financing.
NELFUND described the presidential directive as a landmark intervention that would reinforce the sustainability of the country’s expanding student loan scheme and help remove financial barriers to higher education.
The Fund also welcomed the Federal Executive Council’s approval for unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to be directed to NELFUND.
The reaction came as NELFUND disclosed that it had disbursed more than ₦322 billion through over 1.6 million student loan applications as of August 2026.
Chairman of the NELFUND Board, Jim Ovia, commended Tinubu for his continued support and confidence in the Fund, saying the directive further demonstrated the administration’s commitment to making access to higher education more inclusive and sustainable.
NELFUND Managing Director/Chief Executive, Akintunde Sawyerr, also thanked the President for what he described as a significant intervention in the drive to eliminate financial constraints preventing Nigerian students from pursuing higher education.
“NELFUND deeply appreciates His Excellency, President Bola Ahmed Tinubu, for this significant intervention and for his unwavering commitment to ensuring that no Nigerian student is denied access to higher education because of financial constraints,” Sawyerr said.
He said the directive demonstrated Tinubu’s “strong belief in the transformative power of education” while providing renewed confidence in efforts to build a sustainable student financing system for Nigerian students.
“On behalf of the Executive Management, staff of NELFUND, and millions of Nigerian students, we thank Mr. President for this confidence and assure him that we will continue to deploy every resource entrusted to the Fund responsibly, transparently and in the best interest of Nigerian students,” Sawyerr added.
NELFUND said the presidential directive would further strengthen the Federal Government’s commitment to sustainable education financing and boost the Fund’s capacity to reach more eligible Nigerian students.
The Fund’s reaction underscores the significance of the directive at a time when demand for student loans continues to surge, with NELFUND already recording more than 1.6 million applications and disbursing over ₦322 billion since the scheme expanded under the Tinubu administration.
