EFCC Injects N50 Billion into Nigeria’s Education Loan Fund to Support Indigent Students

The Economic and Financial Crimes Commission (EFCC) has injected N50 billion into the Nigerian Education Loan Fund (NELFUND). 

This financial boost, derived from proceeds recovered by the anti-graft agency, aims to support indigent students across the country. 

The announcement was made public during a courtesy visit to the EFCC headquarters in Abuja on Tuesday, August 13, 2024, led by the Managing Director and Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr.

Sawyerr, who was accompanied by his management team, expressed profound gratitude to the EFCC for the substantial financial support. 

He highlighted that the Fund, a key initiative of President Bola Tinubu’s administration, is designed to provide critical financial assistance to underprivileged students, thereby addressing the chronic underdevelopment within Nigeria’s educational sector.

In a statement released on the EFCC’s official website, Sawyerr emphasized the importance of the funds in driving the Fund’s mission. 

“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.

He further underscored the dire state of youth development in the country, attributing the challenges faced by the education sector to the neglect of this vital demographic. 

“Youth constitute the most populous, restive but neglected segment of our population. President Tinubu identified this as a major problem and put in place a major solution to address the issue,” Sawyerr added.

In his response, EFCC Chairman, Mr. Ola Olukoyede, lauded President Tinubu for the initiative, which he described as a “policy issue against crimes.” 

Olukoyede pointed out that the inability of parents to fund their children’s education has been a driving force behind the rise in financial crimes, particularly cybercrimes. 

“One of the main incentives for 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 stated.

Olukoyede also emphasized the need for transparency and integrity in the management of the Fund. He urged the NELFUND team to ensure that their operations are above board, stressing that any misuse of the funds would undermine the fight against corruption. 

“Let your hands be clean. I repeat, let your hands be clean. The work entrusted to you is going to help the EFCC fight corruption. Let your systems and processes be transparent,” he admonished.

He also called for regular reporting on the disbursement of the funds to the EFCC, assuring that the Commission would vigilantly oversee the use of the N50 billion to prevent any possibility of the funds being misappropriated. 

“I will fight to ensure that money pooled together to support NELFUND is not re-looted. We want your management to be giving reports of your disbursement to the EFCC. Don’t sign what is not clear to you. Don’t give in to any pressure. Let your staff know that there is no money to share,” Olukoyede declared.

The visit comes on the heels of NELFUND’s recent achievements, including the signing of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024 into law by President Tinubu on April 3, 2024. 

Following the launch of the Fund’s portal on May 25, 2024, over 1.2 million students from federal tertiary institutions across Nigeria registered for the programme.

On Wednesday, August 7, 2024, NELFUND recorded a significant milestone by receiving 9,687 student registrations, with 7,975 completed loan applications within 24 hours. This brings the total number of beneficiaries of the loan scheme to 22,120 students, with loans totalling N2.5 billion disbursed across various institutions.

As NELFUND continues to expand its reach, the collaboration with the EFCC is expected to play a pivotal role in ensuring the funds are used effectively to support the education of Nigeria’s indigent students, ultimately contributing to a reduction in financial crimes among the youth.