The Nigerian Education Loan Fund (NELFUND) has welcomed President Bola Ahmed Tinubu’s directive to channel eligible liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) to the Fund to support its growing student loan obligations.
NELFUND 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 the Fund.
The development comes as NELFUND’s student loan scheme continues to expand, with the Fund disbursing more than ₦322 billion to over 1.6 million student loan applicants as of August 2026.
In a statement, NELFUND’s Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, said the development would further strengthen the Fund’s capacity to meet its obligations and reach more eligible Nigerian students.
The Chairman of the NELFUND Board, Mr Jim Ovia, thanked President Tinubu for his continued support and confidence in the Fund, saying the intervention reinforces the administration’s commitment to making access to higher education more inclusive and sustainable.
NELFUND Managing Director and Chief Executive Officer, Mr Akintunde Sawyerr, also commended the President for his commitment to removing financial barriers to 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 the decision demonstrated the President’s belief in the transformative power of education and would boost efforts to establish a sustainable student financing system.
He assured the President that NELFUND would deploy resources entrusted to it responsibly and transparently in the interest of Nigerian students.
NELFUND said the latest funding measures further demonstrate the Federal Government’s commitment to sustainable education financing and would support efforts to extend student loans to more eligible Nigerians.
