President Bola Tinubu has directed that liquid and unencumbered funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND) to strengthen the Federal Government’s student loan programme.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting.
Alausa also revealed that the council had approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.
According to the minister, the move is designed to provide NELFUND with additional resources to meet rising funding demands as more Nigerian students enrol in the Federal Government’s student loan scheme.
“The President, in his benevolence, has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND to continue to support its funding,” Alausa said.
He, however, clarified that the directive covers only liquid EFCC-recovered funds that are free from legal disputes and other encumbrances.
Seized properties and other recovered assets currently subject to legal proceedings will not be transferred to NELFUND, he explained.
Alausa said the initiative underscores President Tinubu’s commitment to widening access to tertiary education and ensuring that financial difficulties do not prevent qualified Nigerians from pursuing higher education.
The move comes amid growing financial pressure on NELFUND as the Federal Government expands the student loan programme to reach more students across the country.
With the additional funding sources, NELFUND is expected to have greater financial capacity to sustain the scheme and meet its obligations to beneficiaries.
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