The Nigerian Education Loan Fund (NELFUND) has commended President Bola Ahmed Tinubu for his commitment to ensuring the sustainability of the student loan program for Nigerian students.
NELFUND stated that the President has directed that funds recovered by the Economic and Financial Crimes Commission (EFCC) be channeled into the NELFUND account to strengthen support for the student loan scheme.
In a statement issued by NELFUND's Director of Communications, Mrs. Oseyemi Oluwatuyi, on August 19, 2026, the fund also welcomed the Federal Executive Council's (FEC) approval to transfer unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.
NELFUND said these measures would help establish a sustainable funding base to continually support the student loan program as the number of applicants increases.
According to the fund, as of August 2026, NELFUND has already disbursed over 322 billion Naira to students, out of more than 1.6 million loan applications submitted.
The Chairman of NELFUND's Board of Directors, Jim Ovia, expressed gratitude to President Tinubu for his continued support and confidence in the fund, stating that this further reinforces the government's determination to ensure that lack of funds does not become a reason to deny any Nigerian access to higher education.
Similarly, the Managing Director of NELFUND, Akintunde Sawyer, noted that the President's new directive demonstrates the importance the government places on education, alongside efforts to build a sustainable student loan system.
Sawyer assured that NELFUND will continue to manage all funds entrusted to it with integrity and accountability, for the benefit of Nigerian students.
NELFUND stated that the new funding framework will further empower the Federal Government to expand the program and extend student loans to more eligible Nigerian students.