The Nigerian Education Loan Fund on Friday acknowledged receipt of N50bn from the Economic and Financial Crimes Commission.

In a statement by NELFUND’s Head of Corporate Communications, Oseyemi Oluwatuyi, the loan fund said it, “expressed its pleasure as it receives an additional N50 bn from the Economic and Financial Crimes Commission.”

Oluwatuyi noted that the release followed the directive of President Bola Tinubu in his speech on August 4, 2024, directing the EFCC to transfer the funds to NELFUND to further boost the student loan programme.

“This significant injection of funds represents a major milestone in the administration’s commitment to bolstering access to education by providing financial support to students across Nigeria,” the statement noted.

The Fund thanked Tinubu for what it described as unwavering dedication to the education sector and his continued efforts to support the most vulnerable segments of the population.

“By deciding to allocate these funds to the student loan scheme, President Tinubu has once again demonstrated his visionary leadership and commitment to fostering a brighter future for Nigerian students and to the socioeconomic advancement of Nigeria,” the Fund said.

It also thanked the management of the EFCC headed by the Chairma, Olanipekun Olukoyede.

The implementation of the student loan scheme is Tinubu’s flagship project in the education sector.

Barely a month after his inauguration as president, Tinubu signed the Access to Higher Education Act, which creates a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their fees in Nigerian tertiary institutions.

The law, reenacted earlier this year, created the Nigerian Education Loan Fund.

NELFUND is saddled with the responsibility of handling all loan requests, grants, disbursement, and recovery.

The Fund, according to the act, is to be funded from multiple streams and will engage in other productive activities.