The Nigerian Education Loan Fund (NELFUND) has confirmed receiving N50 billion from the Economic and Financial Crimes Commission (EFCC).<\/p>\n
The Managing Director, Akintunde Sawyerr, expressed gratitude to President Tinubu for his commitment to education and the youth in a statement signed by the Fund\u2019s Head of Corporate Communications, Oseyemi Oluwatuyi.<\/p>\n
\u201cThis significant injection of funds represents a major milestone in the Administration\u2019s efforts to bolster access to education by providing financial support to students across Nigeria,\u201d the statement quoted Mr Sawyerr as saying.<\/p>\n
The release of the money from the EFCC followed the directive President Bola Tinubu gave in his 4 August speech in reaction to the nationwide anti-government #EndBadGovernance protests, which began on 1 August.<\/p>\n
President Tinubu directed the anti-corruption agency to take the money from the proceeds of crime recovered by the EFCC to further boost the student loan programme.<\/p>\n
According to him, as of the time of his speech, a total of N45.6 billion \u201chas already been processed for payment to students and their respective institutions.\u201d<\/p>\n
NELFUND said the money would enhance the NELFund\u2019s ability to support students to pursue their academic aspirations without financial hindrance.<\/p>\n
NELFUND thanked Mr Tinubu for \u201chis unwavering dedication\u201d to the education sector and continued efforts to support the most vulnerable population segments.<\/p>\n
\u201cBy deciding to allocate these funds to the student loan scheme, President Tinubu has once again demonstrated his visionary leadership and commitment to fostering a brighter future for Nigerian students and to the socioeconomic advancement of Nigeria,\u201d the NELFUND\u2019s statement added.<\/p>\n
It also thanked the EFCC management, headed by the Chairman, Olanipekun Olukoyede, for its prompt compliance with the president\u2019s directive.<\/p>\n
EFCC to monitor released fund<\/p>\n
EFCC chairman, Ola Olukoyede, has said the commission would monitor the use of the money to ensure accountability and the realisation of the objectives of the Scheme.<\/p>\n
EFCC\u2019s Head of Media and Publicity, Dele Oyewale, said Mr Olukoyede gave the assurance at his office during a visit by NELFUND\u2019s Managing Director, Mr Sawyerr, on 13 August, about nine days after the president ordered the release of the N50 billion.<\/p>\n
Mr Olukoyede also clarified during the meeting that the money was not a donation from EFCC.<\/p>\n
\u201cThe said fund was not a donation by the Commission but part of the recovered proceeds of crime remitted to the government. President Bola Ahmed Tinubu in furtherance of his social intervention policy for the most vulnerable segments of the population, decided in his wisdom, to plough the money into funding the critically acclaimed students loan scheme,\u201d read a statement released on 14 August by EFCC\u2019s Head of Media and Publicity, Dele Oyewale.<\/p>\n
The statement said that the EFCC has no power to determine where the government commits recovered proceeds of crime.<\/p>\n
\u201cBut the student\u2019s loan scheme is a salutary innovation which has the potential to reduce youth involvement in criminality,\u201d it added.<\/p>\n
About scheme<\/p>\n
The implementation of the student loan scheme is President Bola Tinubu\u2019s flagship project in the education sector.<\/p>\n
Barely a month after his inauguration as president, Mr Tinubu signed the Access to Higher Education Act, which creates a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their fees in Nigerian tertiary institutions.<\/p>\n
The law, reenacted earlier this year, created the Nigerian Education Loan Fund (NELFUND). NELFUND is responsible for handling all loan requests, grants, disbursements, and recovery.<\/p>\n
According to the Act, the Fund will be funded from multiple streams and engage in other productive activities.<\/p>\n
The Act also stipulates that the scheme will be funded through donations, gifts, grants, endowments, and revenue accruing to the fund from any other source.<\/p>\n