NELFUND Applauds Tinubu Decision in Redirecting Recovered Assets to Student Loans
BREAKING
ABUJA, Nigeria — The Nigerian Education Loan Fund (NELFUND) has backed President Bola Tinubu’s directive allocating recovered illicit assets and dormant funds to expand tertiary student loan financing across Nigeria.
The reaction follows a presidential directive funneling funds recovered by the Economic and Financial Crimes Commission directly into the student loan scheme. The Federal Executive Council also cleared unclaimed dividends from the Capital Market Trust Fund and funds from the Dormant Account Trust Fund to be redirected to the agency.
In a statement issued Thursday in Abuja by NELFUND Director of Strategic Communications Oseyemi Oluwatuyi, the agency stated that the capital injection arrives as program demand climbs past N322 billion across more than 1.6 million student applications.
NELFUND Board Chairman Jim Ovia commended the president for backing sustainable education financing, noting that redirected capital would widen access for indigent students across federal and state tertiary institutions.
Speaking on the intervention, NELFUND Managing Director Akintunde Sawyerr emphasized that the extra funding removes persistent cost barriers for students seeking higher education.
“NELFUND deeply appreciates His Excellency, President Bola Tinubu, for this significant intervention and for his commitment to ensuring that no Nigerian student is denied access to higher education because of financial constraints,” Sawyerr said in Abuja. “This decision provides confidence in our collective efforts to build a sustainable student financing system.”
Sawyerr added that the agency will deploy the newly allocated resources transparently to cover tuition charges and monthly upkeep stipends.
The capital expansion follows recent agency adjustments to streamline loan delivery. NELFUND confirmed earlier this week that it is targeting a 45-day window for disbursing approved loans, aligning payments with individual university academic calendars to eliminate administrative delays.
Federal statistics and institutional application guidelines remain available through the NELFUND Student Loan Portal.
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