In a recent announcement, the Nigerian Education Loan Fund (NELFUND) revealed it has allocated ₦2,946,927,155 in student loans to 27,667 students across 19 institutions nationwide.
However, universities from the South-East and South-South regions have not benefited from this distribution.
NELFUND disclosed this update via its X handle on Friday. On August 14, 2024, the organization had announced that students from 22 state-owned tertiary institutions were now eligible to apply for loans, bringing the total number of approved state institutions to 108.
In a related development, Silas Onu, a prominent member of the Peoples Democratic Party (PDP) and former Ebonyi South senatorial candidate, has criticized the Economic and Financial Crimes Commission (EFCC) for its involvement in funding student loans. Onu argued that the EFCC does not have the authority to direct recovered assets to student loan programs. According to Nigerian law, such funds should be deposited into the federation account and managed by the National Assembly, not the EFCC.
On Wednesday, Onu expressed his concerns following EFCC’s announcement that it had donated ₦50 billion to NELFUND. The EFCC’s website reported that NELFUND’s Director and Chief Executive Officer, Mr. Akintunde Sawyerr, had visited the commission’s headquarters in Abuja to thank them for the donation and to request oversight on how the funds are used.
On his X handle, Onu criticized the donation, asserting that it contravenes legal procedures. “Does the EFCC have the power to allocate Nigeria’s recovered funds as it sees fit? This act by the EFCC may constitute a financial crime itself. All funds should be deposited into the Federation Account and appropriated by the National Assembly,” Onu stated. He advised NELFUND to refrain from utilizing the EFCC donation until legal clarity is achieved.
In a separate report, Naija News highlighted that Rinsola Abiola, Senior Special Assistant to President Bola Tinubu on Citizenship and Leadership, confirmed that the federal government had channeled ₦50 billion to the student loan scheme as part of its anti-corruption efforts. Additionally, another ₦50 billion recovered by the EFCC has been allocated to the Credit Corps scheme.
See the full list of approved institutions and the approved amount paid:
University of Maiduguri — ₦589,001,500
University of Ibadan –₦201,114,650
University of Ilorin — ₦52,897,890
University of Benin — ₦24,412,500
Federal University, Dutsin-Ma — ₦304,961,800
Bayero University, Kano — ₦853,775,000
Federal College of Education, Abeokuta ₦1,945,700
Federal University of Technology, Minna — ₦62,928,600
Obafemi Awolowo University, Ile Ife — ₦50,414,000
Federal Polytechnic, Ilaro — ₦8,347,465
University of Lagos — ₦122,494,400
University of Jos — ₦209,320,000
Federal College of Education (Technical), Gusau –₦15,600,200
Federal College of Education (Special), Oyo — ₦18,502,500
Federal University, Dutse — ₦207,106,000
Federal University, Birnin-Kebbi — ₦130,002,800
Modibbo Adama University, Adamawa — ₦83,837,850
Federal Polytechnic, Bauchi — ₦7,218,800
Federal Polytechnic, Mubi — ₦2,045,500
