The Economic and Financial Crimes Commission (EFCC) has contributed N50bn to the Nigerian Education Loan Fund (NELFUND).
This was revealed by the anti-corruption agency on Tuesday, August 13, 2024, when the Fund’s Managing Director and CEO, Mr. Akintunde Sawyerr, led its team on a courtesy visit to EFCC headquarters in Abuja.
Sawyerr noted that the Fund, a key initiative under the Bola Tinubu administration, is aimed at providing financial support for underprivileged students.
A statement from the EFCC’s website partially read, “He (Sawyerr) expressed gratitude for the N50bn injected into NELFUND from crime proceeds recovered by the commission.
“We acknowledge the funds derived from crime proceeds directed to NELFUND. We are here to convey our appreciation for this support. We also hope the EFCC will continue to oversee our activities,” Sawyerr said.
He added that “youths represent the largest, most restless, and often overlooked segment of our population. President Tinubu identified this as a critical issue and introduced a significant solution.”
In his comments, EFCC Chairman, Ola Olukoyede, praised President Tinubu for the initiative, which he called a “policy measure against crimes.”
He further stated that the lack of parental educational support contributes to youth involvement in financial crimes.
He said, “One of the primary drivers of cybercrimes is the inability of parents to finance their children’s education. NELFUND is a policy measure against crimes. President Tinubu deserves commendation for establishing the Fund.”
The EFCC chief urged NELFUND’s management to ensure transparency in their operations, which he said would aid in the fight against corruption.
“Maintain clean hands. I emphasize, maintain clean hands. The responsibility given to you will help the EFCC in combating corruption. Ensure your processes and systems are transparent,” he advised.
Olukoyede tasked the NELFUND leader to provide updates on the disbursement of funds to the EFCC while pledging to ensure the N50bn donation is not “re-looted.”
He said, “I will strive to prevent the funds allocated to NELFUND from being misappropriated. We expect your management to regularly report your disbursements to the EFCC.
“Don’t sign anything you don’t fully understand. Don’t yield to any pressure. Make it clear to your staff that there’s no money to share.”
Olukoyede called on Nigerians to support the success of the NELFUND initiative and the Tinubu-led administration.
On April 3, 2024, Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.
Registration for the program began in May with 1.2 million students in federal tertiary institutions nationwide joining the first batch.
On Wednesday, August 7, 2024, NELFUND announced what it called a significant milestone, recording the highest number of student loan applications within 24 hours since its portal launched on May 25, 2024.
Meanwhile, numerous universities have confirmed receiving tuition payments for successful student loan applicants from NELFUND.
Six federal universities, as per NELFUND’s report, received N2.03 billion for the 2023/2024 academic year.
Each student will also receive N20,000 monthly, directly paid to them for their living expenses.
The universities involved and the amounts received are:
• Bayero University (BUK), Kano, N853.8 million;
• University of Maiduguri (UNIMAID), Borno, N589 million;
• Federal University, Dutsin-Ma (FUDMA), Katsina, N305 million;
• University of Ibadan (UI), Oyo, N201.1 million;
• University of Ilorin (UNILORIN), Kwara, N52.9 million;
• University of Benin (UNIBEN), Edo, N24.4 million.
Over 30 federal universities are expected to receive payments for successful applicants.
The disbursed funds cover the full tuition of more than 20,000 students.
