The Nigerian Education Loan Fund (NELFUND) is set for a significant financial boost

 The Nigerian Education Loan Fund (NELFUND) is set for a significant financial boost following a recent announcement by the Federal Government.

It was revealed yesterday that 30 percent of the "initial allocations" from the Tertiary Education Trust Fund (TETFUND), which is sourced from the federation account, will be directed to NELFUND. This plan was disclosed by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, during a press briefing in Abuja, where he addressed various topics, including the Economic Stabilisation Bill.

NELFUND, established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act of 2024 by President Bola Ahmed Tinubu, has already provided financial assistance. As of September 6, it had distributed ₦2.42 billion to 59 educational institutions, covering tuition and upkeep allowances for 20,000 students.

On August 14, the Economic and Financial Crimes Commission (EFCC) also transferred ₦50 billion from its recovery account to NELFUND.

Onanuga further explained that the 30 percent allocation from TETFUND will require an amendment to the TETFUND 2011 Act. He emphasized that this new funding arrangement would not interfere with TETFUND's ongoing support for infrastructure development in public universities, polytechnics, and colleges of education.