By Kwin Israel, The Sight News
The Nigerian Education Loan Fund (NELFUND) has hailed President Bola Tinubu’s directive that recovered liquid funds from the Economic and Financial Crimes Commission (EFCC), alongside unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund, be channelled into NELFUND, a move the Fund says would significantly strengthen its capacity to meet Nigeria’s surging demand for student loans.
The Federal Executive Council has already approved the redirection of the dormant funds, adding a fresh and sustainable revenue stream to a scheme that has disbursed more than ₦322 billion across over 1.6 million applications since its launch.
NELFUND Board Chairman, Jim Ovia, commended the President’s continued confidence in the Fund, describing the intervention as proof of the administration’s commitment to inclusive and sustainable access to higher education.
Also, Managing Director/CEO of NELFUND, Akintunde Sawyerr, was similarly effusive, thanking Tinubu for what he called an unwavering commitment to ensuring no Nigerian student is locked out of higher education by financial hardship.
“This decision demonstrates Mr. President’s strong belief in the transformative power of education and provides further confidence in our collective efforts to build a sustainable student financing system for Nigerian students,” Sawyerr said. “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.”
NELFUND said the new funding streams would help it keep pace with rising applications as the scheme continues to expand nationwide.
