By Felix Khanoba
The Nigerian Education Loan Fund (NELFUND) has commended President Bola Tinubu for approving new funding channels to strengthen the sustainability of the Federal Government’s student loan scheme.
The Fund said the President directed that eligible liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to NELFUND to support its expanding student loan obligations.
In a statement signed by its Director of Strategic Communications, Mrs Oseyemi Oluwatuyi,on Thursday, 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 redirected to the Fund.
The development comes amid a significant expansion of the student loan programme, with NELFUND disbursing more than N322 billion through over 1.6 million student loan applications as of August 2026.
Chairman of the NELFUND Board, Mr Jim Ovia, expressed appreciation to President Tinubu for his continued support and confidence in the Fund, saying the latest decision underscored the administration’s determination to make higher education more accessible and sustainable.
Also speaking on the development, NELFUND Managing Director and Chief Executive Officer, Mr Akintunde Sawyerr, thanked the President for his commitment to removing financial barriers confronting Nigerian students seeking 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.
“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.
“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,” he said.
NELFUND said the additional funding arrangements would further reinforce the Federal Government’s commitment to sustainable education financing and enable the Fund to extend its support to more eligible Nigerian students.
