President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND) to help meet its growing financial obligations to Nigerian students.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting.
Alausa said the council also approved a directive for unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to be transferred to NELFUND.
According to the minister, the measures are aimed at strengthening NELFUND’s finances and ensuring that it can continue to meet the increasing demand for student loans.
“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,” Alausa said.
He added that the directive covering unclaimed dividends from the Capital Market Trust Fund and Dormant Account Trust Fund was also approved by the FEC.
Alausa, however, clarified that the directive does not cover seized properties or other non-liquid assets recovered by the EFCC.
He said only liquid funds that are available for transfer would be channeled to NELFUND.
“Note, and 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.
He explained that the directive was in line with President Tinubu’s commitment to expanding access to education and ensuring that Nigerian students are not denied opportunities because of financial constraints.
The minister further stated that the funds to be transferred would include unencumbered monies that are not subject to ongoing legal disputes.
The development is expected to provide additional financial support for NELFUND as the number of students seeking assistance through the federal government’s education loan scheme continues to grow.