The Economic and Financial Crimes Commission (EFCC) has released the sum of N50 billion to the Nigerian Education Loan Fund (NELFUND) from recovered assets to support the student loan scheme.
The anti-graft agency announced this in a press statement on Tuesday, following a visit by NELFUND’s head, Akinwunmi Sawyerr, to the EFCC headquarters.
According to the statement, the chairman of EFCC, Ola Olukoyede, lauded the student loan programme, describing it as a policy issue to tackle corruption.
Olukoyede also mentioned that the inability of many parents to fund the education of their children had always been a predisposing factor of corruption, making students vulnerable to all forms of economic 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”, he said.
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On his part, Sawyerr said NELFUND was a programme designed to provide funding for the education of indigent students.
He also thanked EFCC for the N50 billion injected into NELFUND from the proceeds of crime recovered by the Commission.
“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”, he said.
What you should know
The revised Student Loan Act of 2024 was created to make education more accessible to all Nigerian students, regardless of their financial situation.
The Act aims to remove the financial barriers that often prevent students from pursuing higher education.
The National Education Loan Fund (NELFUND) will receive money from several sources, including a small percentage of taxes and duties collected by key government agencies like the Federal Inland Revenue Service, Nigerian Immigration Service, and Nigerian Customs Service.
Additionally, profits from the government’s natural resource activities, education bonds, and donations from individuals and organizations will also contribute to the fund.
These loans will help cover tuition, fees, and living expenses. Graduates will start repaying the loan two years after completing the National Youth Service Corps (NYSC) program, giving them time to settle into their careers before beginning repayment.
In July, the Fund disbursed N2.5 billion to various institutions across the country.
The management also said that it has released the sum of N20,000 as July stipends to students across the country in August.
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