President Bola Tinubu has directed that eligible funds recovered by the Economic and Financial Crimes Commission (EFCC), alongside unclaimed dividends and dormant funds, be channelled to the Nigerian Education Loan Fund (NELFUND) to strengthen student loan financing.
The directive is aimed at providing NELFUND with additional resources to meet its growing financial obligations as more Nigerian students seek support under the federal government’s student loan scheme.
The Minister of Education, Tunji Alausa, disclosed this while briefing State House correspondents after the Federal Executive Council meeting on Wednesday.
Alausa said the council also approved the presidential directive to channel unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.
He said the measures were designed to strengthen NELFUND’s finances and enable it to sustain its obligations to students benefiting from the 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,” he said.
The minister, however, clarified that the directive does not cover properties or other physical assets recovered by the EFCC, stressing that the President approved the transfer of liquid funds recovered by the anti-graft agency.
He explained that only funds that are legally available and not subject to ongoing disputes or court proceedings would be considered for transfer to NELFUND.
According to Alausa, the directive is part of the administration’s efforts to fulfil Tinubu’s campaign commitment to expanding access to higher education and ensuring that financial constraints do not prevent eligible Nigerian students from pursuing their studies.
He added that the additional funding sources would help NELFUND cope with its expanding responsibilities as demand for the federal government’s student loan programme continues to grow.