The Economic and Financial Crimes Commission (EFCC) has contributed N50 billion to the Nigerian Education Loan Fund (NELFUND) to bolster the student loan scheme, as reported by Nairametrics.
This development was announced in a press statement released on Tuesday following Akinwunmi Sawyerr’s visit, the head of NELFUND, to the EFCC headquarters. During the visit, EFCC Chairman Ola Olukoyede praised the student loan program, describing it as a critical policy measure to combat corruption.
Olukoyede emphasized that many parents’ inability to finance their children’s education has often led to corruption, making students more vulnerable to economic and financial crimes.“One of the main drivers of cybercrimes is the financial strain on parents to fund their children’s education. NELFUND is a strategic policy against crime, and President Tinubu deserves commendation for initiating the Fund,” he stated.
Akinwunmi Sawyerr explained that NELFUND is designed to support underprivileged students financially. He expressed gratitude to the EFCC for allocating N50 billion from recovered assets to support the fund. Sawyerr said, “We are aware of the funds from the proceeds of crime that have been allocated to NELFUND. Our team is here to express gratitude for this significant gesture. Additionally, we seek the EFCC’s oversight on our activities.”
To make higher education more accessible to all Nigerian students, regardless of financial background, the government revised the Student Loan Act of 2024. It removes economic barriers that often hinder educational pursuits.
