The Economic and Financial Crimes Commission (EFCC) has allocated N50 billion to bolster the Nigerian Education Loan Fund (NELFUND). This substantial donation, announced on August 13, 2024, is drawn from proceeds recovered from crime…..For More READ THE FULL ARTICLE HERE ▶▶
Thank you for reading this post, don't forget to subscribe!The funding aims to support the education of disadvantaged students, a key initiative of President Bola Tinubu’s administration.
NELFUND’s Managing Director, Akintunde Sawyerr, led a team to the EFCC headquarters in Abuja to express gratitude for the financial support. Sawyerr highlighted the critical need for such funding, given the challenges faced by youths in Nigeria’s education sector. He emphasized that the NELFUND initiative is designed to address the significant issue of poor youth development and the lack of financial support for education.
EFCC Chairman Ola Olukoyede commended the initiative, linking it to broader crime prevention efforts. He noted that inadequate educational support is a major factor driving youths towards financial crimes. Olukoyede praised President Tinubu for creating NELFUND as a proactive measure against crime and stressed the importance of transparency in handling the donated funds.
Olukoyede urged NELFUND to maintain transparency and integrity in its operations. He advised the fund’s management to provide regular reports on the disbursement of the N50 billion and to avoid any misuse or “re-looting” of the funds. The EFCC chairman emphasized the need for clear and honest management practices to support the fight against corruption effectively.
Since the launch of NELFUND in May 2024, the scheme has made significant strides. On August 7, 2024, it recorded a notable increase in loan applications, with nearly 10,000 student registrations and around 8,000 completed loan applications within a single day. By early August, the fund had disbursed loans totaling N2.5 billion to 22,120 students across various institutions.
This donation and the ongoing success of NELFUND underscore the commitment to improving educational access and reducing financial crime. The initiative represents a significant step in addressing educational disparities and supporting students who lack the means to fund their studies…..For More READ THE FULL ARTICLE HERE ▶▶
