Student Loans Hit N322bn As NELFUND Gets EFCC Recoveries
The Nigerian Education Loan Fund (NELFUND) has disclosed that President Bola Ahmed Tinubu has directed that eligible liquid funds recovered by the Economic and Financial Crimes Commission(EFCC) be channeled to the Fund to support its growing student loan obligations.
The Fund also welcomed the approval by the Federal Executive Council for unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to be directed to NELFUND.
The announcement comes as the student loan scheme continues to expand nationwide.
According to NELFUND, over N322bn has been disbursed to more than 1.6 million student loan applicants as of August 2026.
The Chairman of the NELFUND Board, Mr. Jim Ovia, expressed appreciation to President Tinubu for the continued support and confidence in the Fund, noting that the decision reinforces the administration’s commitment to making access to higher education more inclusive and sustainable.
Speaking on the development, the Managing Director and Chief Executive of NELFUND, Mr. Akintunde Sawyerr, thanked the President for his commitment to removing financial barriers to 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,” he said.
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“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.”
Sawyerr added that on behalf of the Executive Management, staff of NELFUND, and millions of Nigerian students, the Fund appreciates the President’s confidence and assured that every resource entrusted to NELFUND will continue to be deployed responsibly, transparently and in the best interest of Nigerian students.
The Fund’s Director, Strategic Communications, Mrs Oseyemi Oluwatuyi explained that the decision further strengthens the Federal Government’s commitment to sustainable financing for education and will support the Fund’s efforts to reach more eligible Nigerian students.