The Nigerian Education Loan Fund (NELFUND) has commended President Bola Ahmed Tinubu for approving additional funding measures to strengthen the country’s student loan programme. The Fund specifically welcomed the President’s directive that eligible liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled towards meeting NELFUND’s growing student loan obligations.
NELFUND also expressed support for the Federal Executive Council’s approval to redirect unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to the student financing scheme. The development comes as the NELFUND student loans programme continues to expand across the country.
As of August 2026, NELFUND said it had disbursed more than N322 billion through over 1.6 million student loan applications. The Chairman of the NELFUND Board, Jim Ovia, expressed appreciation to Tinubu for his continued support and confidence in the Fund.
In a statement issued on Wednesday and signed by the Director of Strategic Communications, Oseyemi Oluwatuyi, Ovia said the intervention reinforced the administration’s commitment to expanding access to higher education. He noted that sustainable financing remained essential as more Nigerian students seek support through the loan programme.
NELFUND Managing Director and Chief Executive, Akintunde Sawyerr, also thanked the President for his continued efforts to remove financial barriers confronting students seeking higher education. Sawyerr said the decision demonstrated the Federal Government’s belief in education as a tool for national transformation.
“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.”
He said the additional funding would give the Fund greater confidence to develop a sustainable financing system capable of supporting students across the country.
The NELFUND chief executive assured the President that resources entrusted to the Fund would be managed responsibly and transparently.
According to him, the organisation remained committed to ensuring that the funds served the interests of Nigerian students. He said the intervention would strengthen the Fund’s capacity to respond to the increasing demand for student financing.
NELFUND therefore described the latest funding decisions as an important step towards building a more sustainable higher education financing system. The Fund said the additional resources would support its efforts to reach more eligible Nigerian students and reduce the financial barriers preventing young Nigerians from accessing higher education.
