The Nigerian Education Loan Fund has commended President Bola Tinubu for directing eligible funds recovered by the EFCC to the fund to support student loan financing.

The fund also welcomed the Federal Executive Council’s approval to channel unclaimed dividends from the Capital Market Trust Fund and Dormant Account Trust Fund to NELFUND.

This is contained in a statement signed by the fund’s director of strategic communications, Oseyemi Oluwatuyi, on Thursday in Abuja.

Ms Oluwatuyi said the development came as the student loan scheme continued to expand, with NELFUND disbursing more than N322 billion through over 1.6 million applications as of August 2026.

She said the decision strengthened the federal government’s commitment to sustainable education financing.

She added that the additional funding would enable the fund to reach more eligible students and expand access to higher education.

She quoted NELFUND board chairman Jim Ovia, who appreciated Mr Tinubu for his continued support and confidence in the Fund.

Mr Ovia said the decision reinforced the administration’s commitment to making access to higher education more inclusive and sustainable.

NELFUND managing director Akintunde Sawyerr thanked the president for his commitment to removing financial barriers to higher education.

“NELFUND deeply appreciates His Excellency, President Bola 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.

“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,” he said.

Mr Sawyerr assured the president that NELFUND would deploy resources entrusted to it responsibly and transparently in the interest of Nigerian students.

He also thanked the president on behalf of NELFUND’s management, staff and beneficiaries for the confidence reposed in the fund.

(NAN)