President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be transferred to the Nigerian Education Loan Fund (NELFUND) to strengthen its capacity to provide loans to Nigerian students.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council meeting.
Alausa said the council also approved the President’s directive for unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to be channelled to NELFUND.
According to the minister, the move is aimed at providing additional funding for the education loan scheme as demand for student support continues to grow.
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He clarified that the directive applies only to liquid funds recovered by the EFCC and does not cover seized properties or other recovered assets still subject to legal proceedings.
Alausa said only funds free from legal disputes would be transferred to NELFUND, stressing that the initiative forms part of the administration’s efforts to expand access to higher education and reduce financial barriers facing students.
He added that the additional resources would help NELFUND sustain its operations and respond to the increasing number of Nigerian students seeking assistance through the government’s education loan scheme.
