The Nigerian Education Loan Fund (NELFUND) has commended President Bola Ahmed Tinubu for approving new funding channels aimed at strengthening the long-term sustainability of the Federal Government’s student loan scheme.
In a statement issued on Thursday and signed by its Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, NELFUND welcomed the President’s directive that eligible liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Fund to support its expanding student loan obligations.
The Fund also applauded the Federal Executive Council’s (FEC) approval for unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to be redirected to NELFUND.
The development comes as the student loan programme continues to grow significantly. As of August 2026, NELFUND has disbursed more than ₦322 billion through over 1.6 million student loan applications.
Chairman of the NELFUND Board, Mr Jim Ovia, expressed appreciation to President Tinubu for his continued support and confidence in the Fund. He noted that the latest decision underscores the administration’s determination to make higher education more accessible and sustainable for Nigerian students.
Managing Director and Chief Executive Officer of NELFUND, Mr Akintunde Sawyerr, also thanked the President for the significant intervention.
“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.
“This decision demonstrates Mr. President’s strong belief in the transformative power of education and provides further confidence in our collective efforts to build a sustainable student financing system for Nigerian 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.”
The interest-free student loan scheme, a key component of the Tinubu administration’s Renewed Hope Agenda, covers both tuition fees and monthly upkeep allowances for eligible students in public tertiary institutions across the country.