The Nigerian Education Loan Fund (NELFUND) has commended President Bola Ahmed Tinubu for directing that eligible liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Fund to strengthen student loan financing.
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 directed to the Fund.
The development comes amid the rapid expansion of Nigeria’s student loan programme, with NELFUND reporting that it had disbursed more than ₦322 billion through over 1.6 million student loan applications as of August 2026.
The Chairman of the NELFUND Board, Jim Ovia, expressed appreciation to President Tinubu for his continued support and confidence in the Fund.
Ovia said the decision further demonstrated the administration’s commitment to expanding access to higher education while establishing a more sustainable financing system for Nigerian students.
The Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyerr, also thanked the President for his continued efforts to reduce financial barriers to higher education.
Sawyerr said the intervention would strengthen NELFUND’s ability to support Nigerian students who might otherwise struggle to finance their 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.»
He added that the decision reflected the President’s belief in the transformative power of education and would provide greater confidence in efforts to build a sustainable student financing system.
“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 latest financing measures would further strengthen the Federal Government’s commitment to sustainable education funding and enable the Fund to reach more eligible Nigerian students.
The statement was signed by Oseyemi Oluwatuyi, Director of Strategic Communications.
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