The Nigerian Education Loan Fund (NELFUND) has commended President Bola Tinubu for directing eligible liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) to the Fund to support its growing 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 channelled to the Fund.
The development comes as Nigeria’s student loan scheme continues to expand. As of August 2026, NELFUND said it had disbursed more than ₦322 billion through over 1.6 million student loan applications.
The Chairman of the NELFUND Board, Jim Ovia, expressed appreciation to Tinubu for his continued support and confidence in the Fund.
According to a statement signed by NELFUND Director of Strategic Communications, Oseyemi Oluwatuyi, Ovia said the decision further demonstrates the administration’s commitment to making access to higher education more inclusive and sustainable.
NELFUND Managing Director and Chief Executive Officer, Akintunde Sawyerr, also thanked the President for his continued efforts to remove financial barriers preventing Nigerian students from accessing higher education.
“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.”
Sawyerr said the decision demonstrates Tinubu’s belief in the transformative power of education and provides greater confidence in efforts to establish a sustainable student financing system.
“This decision demonstrates Mr. President’s strong belief in the transformative power of education and provides further confidence in our collective efforts to build a sustainable student financing system for Nigerian students.”
He assured the President that NELFUND would continue to deploy resources entrusted to the Fund responsibly and transparently in the interest of Nigerian students.
“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.”
NELFUND said the latest measures would strengthen the Federal Government’s commitment to sustainable education financing and enable the Fund to reach more eligible Nigerian students.
Source: NELFUND
