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 meet rising student loan obligations.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council meeting.
According to Alausa, the council also approved the channeling of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.
He said the measures were aimed at ensuring that the education loan scheme remained financially sustainable as more Nigerian students access its programmes.
“The President was very clear—not seized properties or recovered looted funds, but liquid funds from the EFCC will now be transferred to NELFUND,” the minister said.
Alausa explained that the funds would comprise unencumbered monies that are not subject to legal disputes.
He said the directive was consistent with President Tinubu’s commitment to expanding access to education and providing financial support to Nigerian students.
The minister added that the additional funding would help NELFUND meet its growing financial obligations as demand for student loans continues to increase.
Details later…
