President Bola Tinubu has ordered a fresh funding boost for Nigeria’s student loan scheme.
The President directed that recovered EFCC funds, unclaimed dividends and dormant bank account money be channelled into NELFUND.
The move could give the Nigerian Education Loan Fund more resources to support students across the country.
The directive is aimed at expanding access to tertiary education funding while strengthening the student loan scheme.
NELFUND has continued to provide institutional fee payments and upkeep support to beneficiaries in public tertiary institutions.
Its Managing Director, Jimtunde Sawyer, recently disclosed that the fund had disbursed more than N322 billion.
About N192 billion went towards institutional fees, while N129.8 billion covered student upkeep allowances.
The latest NELFUND funding directive could provide another source of money for the scheme.
It also reflects the government’s plan to channel recovered and unused funds into education.
The NELFUND programme operates as an interest-free revolving loan system. Beneficiaries are expected to begin repayment after securing employment, with payments linked to their income.
Under the scheme, graduates repay 10 per cent of their income when employed.
Repayment is suspended when beneficiaries are unemployed.
The additional funding could therefore help NELFUND meet growing demand for student financial support.
The NELFUND funding plan also supports the government’s wider goal of making higher education more accessible.
