The Nigerian Education Loan Fund (NELFUND) has commended President Bola Tinubu for supporting efforts to strengthen the financing of student loans and expand access to higher education. NELFUND welcomed the President’s directive that eligible liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Fund to support its growing obligations under the student loan scheme.
The Fund also welcomed the Federal Executive Council’s approval for unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to be directed to NELFUND. The development comes as NELFUND student loans continue to expand nationwide. As of August 2026, the Fund had disbursed more than N322 billion through over 1.6 million student loan applications.
Chairman of the NELFUND Board, Mr. Jim Ovia, expressed appreciation to President Tinubu for the continued support and confidence in the Fund, according to a statement issued on Wednesday by Mrs Oseyemi Oluwatuyi, Director, Strategic Communications. Ovia said the decision reinforced the administration’s commitment to making access to higher education more inclusive and sustainable.
The intervention is expected to strengthen the financial capacity available to the Fund as demand for student financing continues to grow. By directing additional eligible resources towards the scheme, the government aims to support the Fund’s ability to meet its obligations to qualified applicants. Commenting on the development, NELFUND Managing Director/Chief Executive, Mr. Akintunde Sawyerr, thanked the President for his continued commitment to reducing financial barriers to higher education.
“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.
“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 for Nigerian students.
“On behalf of the Executive Management, staff of NELFUND, and millions of Nigerian students, we thank Mr. President for this confidence and assure him that we will continue to deploy every resource entrusted to the Fund responsibly, transparently and in the best interest of Nigerian students.”
The funding measures come as the Federal Government seeks to establish a more sustainable framework for financing higher education in Nigeria. The expansion of NELFUND student loans has increased the importance of maintaining reliable funding sources capable of supporting eligible students.
NELFUND said the decisions would further strengthen the government’s commitment to sustainable education financing and support its efforts to reach more eligible Nigerian students. The Fund is expected to continue deploying available resources towards student financing while maintaining its focus on responsible and transparent management of funds entrusted to the programme.
