The Nigerian Education Loan Fund, NELFUND, has commended President Bola Tinubu for directing that eligible liquid assets recovered by the Economic and Financial Crimes Commission, EFCC, be channelled to the fund to meet growing student loan obligations.*
In a statement issued on Thursday in Abuja by Director of Strategic Communications, Oseyemi Oluwatuyi, Chairman of NELFUND Board, Mr. Jim Ovia, also welcomed the Federal Executive Council’s approval to redirect unclaimed dividends from the Capital Market Trust Fund and funds from the Dormant Account Trust Fund to NELFUND.
The announcement comes as the student loan scheme records significant expansion. According to NELFUND, the fund has disbursed over ₦322 billion to beneficiaries through more than 1.6 million loan applications as of August 2026.
Ovia said the decision reinforced the Tinubu administration’s commitment to making access to higher education more inclusive and sustainable.
NELFUND Managing Director/Chief Executive, Mr. Akintunde Sawyerr, also expressed appreciation to the president for prioritising education financing.
“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 intervention demonstrated the president’s belief in the transformative power of education and strengthened confidence in building a sustainable financing system for 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 stated.
NELFUND stated that the new funding directive will further strengthen the federal government’s commitment to sustainable education financing and expand access to more eligible Nigerian students.
