NELFUND Welcomes New Funding Sources as FG Strengthens Student Loan Scheme
Hope Ajayi 
ABUJA, Nigeria – The Nigerian Education Loan Fund (NELFUND) has welcomed the Federal Government’s decision to expand funding sources for the national student loan scheme, describing the move as a major boost to sustainable access to higher education.
The Fund commended President Bola Ahmed Tinubu for directing that eligible funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled towards financing student loans.
NELFUND also applauded the Federal Executive Council’s approval allowing unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to support the scheme.
According to the fund on Thursday, the additional funding sources will strengthen its financial capacity as demand for student loans continues to grow nationwide.
As of August 2026, NELFUND said it had disbursed more than N322 billion following over 1.6 million student loan applications.
Chairman of the NELFUND Board, Jim Ovia, thanked President Tinubu for the continued support, saying the decision reinforces the administration’s commitment to expanding educational opportunities for Nigerian students.
Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyerr, said the intervention demonstrates the government’s resolve to ensure that financial limitations do not prevent qualified Nigerians from pursuing 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,” Sawyerr said.
He assured Nigerians that the Fund would continue to manage all resources transparently and responsibly while expanding access to eligible beneficiaries.
According to him, the new funding streams will help sustain the student loan programme and support the Federal Government’s broader agenda of improving access to tertiary education.
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Oluwafunbi Bello 
Korede Abdullah 