In a groundbreaking move, the Economic and Financial Crimes Commission (EFCC) has released a staggering N50 billion to support the Nigerian Education Loan Fund (NELFUND), a pioneering initiative aimed at providing financial assistance to indigent students.
This unprecedented gesture, announced on August 13, 2024, marks a significant milestone in the country’s efforts to revamp its education sector.
The NELFUND Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, led a delegation to the EFCC headquarters in Abuja, where he expressed profound gratitude to the anti-graft agency for its unwavering support.
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Sawyerr emphasized that the fund, an brainchild of President Bola Tinubu’s administration, is designed to bridge the financial gap faced by disadvantaged students, thereby fostering a more inclusive and equitable education system.
EFCC Chairman, Mr. Ola Olukoyede, commended President Tinubu for his visionary leadership, describing the NELFUND initiative as a “policy issue against crimes.”
He stressed that the lack of parental support for education is a significant contributor to youth involvement in financial crimes, underscoring the importance of NELFUND in addressing this critical issue.
Olukoyede urged the NELFUND management team to maintain transparency and accountability in their operations, ensuring that the funds are utilized effectively to benefit the intended recipients.
He pledged the EFCC’s commitment to monitoring the disbursement of the funds, vowing to prevent any potential misappropriation.
The NELFUND initiative has already recorded significant milestones, with over 1.2 million students in federal tertiary institutions registered for the program.
The fund has disbursed N2.5 billion in loans to 22,120 beneficiaries, with an additional 2,120 students recently benefiting from the scheme.
This groundbreaking partnership between the EFCC and NELFUND is poised to transform Nigeria’s education landscape, providing a beacon of hope for countless students struggling to access quality education.
As the country continues to navigate the complexities of economic development, this innovative initiative shines a light on the power of collaboration and visionary leadership.
