NELFund confirms receipt of N50bn recovered crime proceeds from EFCC

The Nigerian Education Loan Fund (NELFUND) has acknowledged the receipt of N50 billion from the Economic and Financial Crimes Commission (EFCC).

Earlier, the federal government ordered the EFCC to release N50 billion in recovered crime proceeds to NELFund.

Oseyemi Oluwatuyi, NELFund’s director of corporate communications, spoke on Friday in Abuja.

Confirming the receipt of the sum, she said the transfer would further boost the student loan scheme.

Oluwatuyi said the cash injection represents a major milestone in the administration’s commitment to bolstering access to education.

She said the EFCC’s work ensured these resources were promptly made available to benefit the education of Nigeria’s youth.

Oluwatuyi said the decision to inject the funds into NELFUND’s student loan scheme underscores the administration’s social intervention policy.

“This infusion of funds will significantly boost NELFUND’s ability to provide much-needed financial support to students, enabling them to pursue their academic aspirations without financial hindrance,” she said.

Oluwatuyi said NELFUND will utilise the funds responsibly and ensure they directly benefit those who need them the most.

President Bola Tinubu enacted an initial version of the student loan policy in June 2023 to grant interest-free loans to students.

The scheme was to commence in October 2023 but implementation was repeatedly deferred until a re-enactment in April 2024.

NELFUND opened the loan application portal on May 24, at which time a pilot phase to serve federal tertiary institutions began.

The fund said the scheme would be open to state-owned tertiary institutions in its second rollout.