The Economic and Financial Crimes Commission (EFCC) has allocated N50 billion from recovered assets to the Nigerian Education Loan Fund (NELFUND) to support its student loan program. This announcement was made in a press statement released Tuesday, following NELFUND’s head, Akinwunmi Sawyerr, to the EFCC headquarters.
Statement from EFCC
EFCC Chairman Ola Olukoyede praised the student loan initiative, noting its significance in combating corruption. He emphasized that many parents’ financial challenges in funding their children’s education often make them susceptible to corruption and financial crimes.
“One of the main incentives to cybercrimes is the inability of parents to fund the education of their children. NELFUND is a policy issue against crimes. President Tinubu should be commended for initiating the Fund,” Olukoyede said.
NELFUND’s Response
Akinwunmi Sawyerr, head of NELFUND, expressed gratitude for the N50 billion donation, acknowledging the EFCC’s support. He also requested the EFCC’s continued oversight to ensure the effective use of the funds.
“We are aware of the funds from the proceeds of crime extended to NELFUND. We are here to express our gratitude for the gesture. We also want the EFCC to exercise oversight on what we are doing,” Sawyerr stated.
Background on NELFUND
The revised Student Loan Act of 2024 aims to make higher education more accessible by removing financial barriers for students. NELFUND will be financed through various sources, including a portion of taxes and duties collected by government agencies like the Federal Inland Revenue Service, Nigerian Immigration Service, and Nigerian Customs Service, as well as profits from natural resource activities and donations.
Loans from NELFUND will cover tuition, fees, and living expenses. Graduates must start repaying their loans two years after completing the National Youth Service Corps (NYSC) program, allowing them time to establish their careers before beginning repayment.
In July, the Fund disbursed N2.5 billion to institutions nationwide and released N20,000 as stipends to students in August.
