The National Association of Nigerian Students (NANS) has praised the Economic and Financial Crimes Commission (EFCC) for its substantial contribution to the Nigerian Education Loan Fund (NELFUND). The anti-graft agency recently donated the sum of N50 billion to support the student loan scheme, which aims to assist students facing financial barriers in pursuing their education.NANS Senate President Babatunde Akinteye expressed gratitude for the EFCC’s gesture, stating that the introduction of NELFUND through this significant donation will provide a much-needed lifeline for countless students across the country.
He emphasized the potential of the fund to help students achieve their academic aspirations and alleviate the financial burdens faced by students and their families.
Akinteye further called on other organizations, individuals, and groups to emulate the EFCC’s example and contribute to the NELFUND initiative. He highlighted the importance of collective efforts in ensuring the success of the student loan scheme and making education more accessible to all Nigerian students, regardless of their financial background.
The EFCC’s contribution comes at a crucial time, as the revised Student Loan Act of 2024 aims to remove the financial barriers that often prevent students from pursuing higher education. The National Education Loan Fund (NELFUND) will receive funding from various sources, including a small percentage of taxes and duties collected by key government agencies, profits from the government’s natural resource activities, education bonds, and donations from individuals and organizations.
These loans will cover tuition, fees, and living expenses, with graduates starting repayment two years after completing the National Youth Service Corps (NYSC) program. In July, the Fund disbursed N2.5 billion to various institutions across the country, and in August, it released the sum of N20,000 as stipends to students across the nation.NANS’ commendation of the EFCC’s contribution underscores the importance of collaborative efforts in ensuring the success of the NELFUND initiative and making education accessible to all Nigerian students.