President Bola Tinubu has directed that eligible liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND) to boost the financing of student loans and sustain the scheme’s funding obligations.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.
Alausa said the Council also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND to strengthen the agency’s financial capacity.
He, however, clarified that the directive does not cover seized properties or recovered assets whose ownership is subject to legal disputes.
According to the minister, only liquid and unencumbered funds recovered by the EFCC and not tied to ongoing legal proceedings would be affected by the directive.
“The president, in his benevolence, has now directed that all funds recovered by EFCC be diverted to NELFUND,” Alausa said.
He explained that the initiative was part of the administration’s broader commitment to expanding access to education by providing financial support to eligible Nigerian students pursuing tertiary education.
The additional funding is expected to strengthen NELFUND’s ability to meet its student-loan obligations as the Federal Government intensifies efforts to make tertiary education more accessible and affordable for Nigerians.
The development also comes as the government seeks to establish sustainable funding mechanisms for the student-loan programme and ensure that eligible students are not denied higher education opportunities because of financial constraints.
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