President Bola Tinubu has approved a fresh funding arrangement for the Nigerian Education Loan Fund (NELFUND), directing that liquid cash recovered by the Economic and Financial Crimes Commission (EFCC), as well as certain unclaimed dividends, be channelled into the student loan scheme.
The Minister of Education, Tunji Alausa, disclosed this on Wednesday while briefing State House Correspondents following the Federal Executive Council (FEC) meeting in Abuja.
According to him, the council approved the presidential directive as part of measures to strengthen NELFUND’s financial capacity and enable it to cope with its expanding obligations to Nigerian students.
Alausa said the arrangement would cover recovered funds held by the EFCC, provided they are liquid and free from legal disputes.
“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,” the minister said.
“This was also approved by FEC, that all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund should also be directed to NELFUND, so that NELFUND will be financially buoyant to meet its growing obligations today,” Alausa said.
The minister, however, clarified that the directive did not cover forfeited properties or assets recovered by the EFCC.
He stressed that only liquid funds that are not subject to legal contention would be transferred to NELFUND.
“Note, 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.
Alausa said the decision was in line with President Tinubu’s commitment to expanding access to tertiary education and ensuring that financial constraints do not prevent qualified Nigerian students from pursuing higher education.
The move is expected to provide NELFUND with additional resources as demand for student loans continues to grow under the Federal Government’s education financing initiative.
