EFCC Donates N50 Billion to Boost Student Loan Scheme

Abuja, August 13, 2024 — The Economic and Financial Crimes Commission (EFCC) has taken a significant step toward enhancing education in Nigeria. In a recent development, the anti-graft agency released N50 billion to support the Nigerian Education Loan Fund (NELFUND).

NELFUND, an initiative of the President Bola Tinubu-led administration, aims to provide funding for the education of indigent students. The fund addresses the poor development of youths in the nation’s education sector.

The N50 billion donation comes from the proceeds of crime recovered by the EFCC. Mr. Akintunde Sawyerr, Managing Director and Chief Executive Officer of NELFUND, expressed gratitude for this injection of funds.

Mr. Ola Olukoyede, EFCC Chairman, commended President Tinubu’s policy initiative against financial crimes. Lack of parents’ educational support contributes to children’s involvement in financial crimes, according to Olukoyede.

Olukoyede emphasized the need for transparency in NELFUND’s dealings. The EFCC will oversee the disbursement to prevent any misuse of funds.

NELFUND’s success is critical for addressing the educational needs of Nigerian youths. President Tinubu’s signing of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill in April 2024 underscores the government’s commitment to education.

EFCC’s proactive approach to supporting education and combating financial crimes. Let’s hope that NELFUND’s efforts lead to positive outcomes for deserving students across Nigeria¹