The Nigerian Education Loan Fund (NELFUND) has received N50 billion from the EFCC, funded by proceeds from crime. The allocation, directed by President Bola Tinubu, aims to support student loans. NELFUND’s MD, Akintunde Sawyerr, and EFCC Chairman, Ola Olukoyede, emphasize transparency and oversight in fund management.
The Nigerian Education Loan Fund (NELFUND) has been allocated N50 billion by the Economic and Financial Crimes Commission (EFCC) from proceeds seized from criminal activities. This significant fund transfer was confirmed by NELFUND’s Managing Director, Mr. Akintunde Sawyerr, during a visit to EFCC Chairman Mr. Ola Olukoyede. The funding is part of President Bola Tinubu’s directive to support educational financing for underprivileged students.
Sawyerr expressed gratitude for the funds, emphasizing the importance of transparency and oversight in managing the loan scheme. He highlighted the historical neglect of youth education and praised the president’s initiative as a crucial remedy. The EFCC’s Olukoyede echoed the call for transparency, stressing that the commission will closely monitor the fund's disbursement to prevent misuse. He urged NELFUND to provide regular reports and maintain strict oversight to ensure the money is used effectively.
Social media reactions to the news have been mixed. Many users applauded the government’s move as a much-needed support for students facing financial challenges. However, some expressed skepticism about the potential for mismanagement, calling for stringent checks and balances. Olukoyede’s assurance of fighting corruption and ensuring the fund’s proper use was welcomed by those hopeful for genuine reform in education funding.
Overall, the allocation is seen as a positive step towards addressing educational inequities and combating corruption through strategic use of recovered funds.
