President Bola Tinubu has described the Nigerian Education Loan Fund (NELFUND) as a key instrument in his administration’s fight against poverty, assuring that the student loan scheme would not be discontinued.
Tinubu made the remarks on Tuesday during the All Progressives Congress (APC) presidential campaign rally at Dutse Township Stadium in Jigawa State.
He reaffirmed his administration’s commitment to sustaining the scheme, adding that all funds recovered by the Economic and Financial Crimes Commission (EFCC) would be channelled into NELFUND.
“NELFUND is our weapon against poverty. And we will continue in that direction. We will continue,” he said.
“Every money recovered from irregularities by the EFCC is now directed to NELFUND to educate our children. Every asset coveted through irregularities will be invested in NELFUND.”
The president also defended his administration’s decision to remove the petrol subsidy, dismissing calls for its restoration.
“Those who think they should bring subsidy back, they are liars. How will you pay for those commitments? How will you repair the roads? How will you maintain them? How will you function?” he asked.
Tinubu said the removal of the subsidy had created economic opportunities for workers and suppliers, while NELFUND was helping to ease the financial burden of educating their children.
“The labourers, the granite suppliers, they are eating, and they are surviving. We have taken away the problem of the education of their children by establishing NELFUND,” he said.
On August 19, the president directed the EFCC to channel all recovered funds into NELFUND.
Tunji Alausa, minister of education, announced the directive while answering questions from State House correspondents shortly after the weekly federal executive council (FEC) meeting.
Alausa further disclosed that had approved the transfer of unclaimed dividends in the Capital Market Trust Fund, as well as funds held in the Dormant Account Trust Fund, to NELFUND as part of efforts to expand the scheme’s coverage and strengthen its operations.
Tinubu, speaking at the launch of Arise Palm Resort in Uyo, the Akwa Ibom State capital, on Friday, said the decision was intended to reduce the financial burden of tuition fees on parents and promote equal access to education across the country.
Providing further details on the funding arrangement, EFCC Chairman Ola Olukoyede said the Federal Government had allocated N100bn from funds recovered by the anti-graft agency to NELFUND since 2024. He made this known during a press briefing in Abuja on August 31.