The Economic and Financial Crimes Commission (EFCC) has infused N50 billion into the Nigerian Education Loan Fund (NELFUND) from recovered assets to bolster the student loan scheme.
This announcement was made via a press statement on Tuesday, following a visit by NELFUND’s head, Akinwunmi Sawyerr, to the EFCC headquarters.
EFCC Chairman, Ola Olukoyede, commended the student loan programme, highlighting its significance as a policy measure against corruption. He noted that many parents’ inability to finance their children’s education has been a significant factor in predisposing students to various economic and financial crimes.
“One of the main incentives for cybercrimes is the inability of parents to fund the education of their children. NELFUND is a policy measure against crimes. President Tinubu should be commended for initiating the Fund,” Olukoyede stated.
Akinwunmi Sawyerr, NELFUND’s head, explained that the programme is designed to provide financial assistance for the education of underprivileged students. He expressed gratitude for the EFCC’s support and emphasized the need for oversight to ensure the proper use of the funds.
“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.
The revised Student Loan Act of 2024 aims to make education more accessible to all Nigerian students, regardless of their financial situation. The Act seeks to remove the financial barriers that often prevent students from pursuing higher education.
NELFUND will receive funds from various sources, including a small percentage of taxes and duties collected by key government agencies like the Federal Inland Revenue Service, Nigerian Immigration Service, and Nigerian Customs Service. Profits from government natural resource activities, education bonds, and donations from individuals and organizations will also contribute to the fund.
These loans will cover tuition, fees, and living expenses. Graduates will start repaying the loan two years after completing the National Youth Service Corps (NYSC) program, allowing them time to settle into their careers before beginning repayment.
In July, NELFUND disbursed N2.5 billion to various institutions across the country. Additionally, the management released N20,000 as July stipends to students across the country in August.
