The Nigerian Education Loan Fund (NELFUND) has commended President Bola Ahmed Tinubu for his directive to channel eligible liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) to the Fund to support its expanding 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 student loan scheme.
The development comes amid the rapid expansion of the Federal Government’s student loan programme, with NELFUND disbursing more than ₦322 billion through over 1.6 million student loan applications as of August 2026.
A statement by the Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, said the Chairman of the NELFUND Board, Jim Ovia, expressed appreciation to President Tinubu for his continued support and confidence in the Fund.
According to Ovia, the latest intervention reinforces the administration’s commitment to making access to higher education more inclusive while ensuring the sustainability of student financing.
NELFUND Managing Director and Chief Executive Officer, Akintunde Sawyerr, also thanked the President for his commitment to reducing financial barriers to higher education.
Sawyerr said the intervention demonstrated the President’s recognition of education as a critical driver of national development and would strengthen efforts to establish a sustainable student financing system.
“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,” he said.
He added that the decision would boost confidence in the Fund’s efforts to expand access to student financing across the country.
“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 said.
NELFUND said the new funding measures would further strengthen the Federal Government’s commitment to sustainable education financing and enable the Fund to reach more eligible Nigerian students.
