The President’s directive aims to secure sustainable funding for Nigeria’s expanding student loan scheme, benefiting over 1.2 million students.
President Bola Ahmed Tinubu has directed that all cleared and unencumbered liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND) to strengthen the financing of tertiary education .
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting in Abuja. According to the minister, the President also secured FEC approval for unclaimed dividends held under the Capital Market Trust Fund and the Dormant Account Trust Fund to be redirected to NELFUNDÂ .
“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 .
The minister, however, clarified that the directive applies strictly to liquid, unencumbered monies not subject to ongoing legal disputes. “Note, and the President was very clear: not seized properties, or recovered looted funds, but liquid funds from the EFCC will now be transferred to NELFUND,” he said .
President Tinubu also directed the Attorney-General of the Federation, the Minister of Finance, the Minister of Education, and the Debt Management Office to work out the legal and operational framework for transferring the affected funds .
Alausa described the move as a major boost for education financing, noting that over 1.2 million Nigerian students are currently benefiting from NELFUND, with more than N93 billion disbursed as stipends and over N250 billion as institutional fees to public institutions across the country .
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