By Joy Yesufu
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 strengthen the student loan scheme and meet its growing financial obligations.
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 a directive for unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to be transferred to NELFUND.
According to him, the measures are aimed at ensuring that NELFUND has sufficient resources to sustain its obligations to Nigerian students.
“The President, in his benevolence, has now directed that all funds recovered by the EFCC be diverted to NELFUND to continue to support its funding,” the minister said.
He, however, clarified that the directive applied specifically to liquid and unencumbered funds, excluding seized properties and recovered assets subject to legal disputes.
“The President was very clear—not seized properties or recovered looted funds, but liquid funds from the EFCC will now be transferred to NELFUND,” Alausa said.
The minister said the directive was consistent with President Tinubu’s commitment to expanding access to tertiary education and ensuring that financial constraints do not prevent Nigerian students from pursuing their studies.
He explained that the recovered funds would provide an additional financing stream for NELFUND as demand for student loans continues to grow.
Alausa also said the approved transfer of unclaimed dividends from the Capital Market Trust Fund and Dormant Account Trust Fund would further strengthen the financial position of the education loan scheme.
He stressed that only funds that were free from legal encumbrances would be considered under the arrangement.
The development comes as the Federal Government seeks sustainable funding sources for NELFUND, which has become a major component of its efforts to improve access to higher education.
Further details on the implementation of the directive, including the modalities for transferring the funds to NELFUND, are expected to be released by the relevant government agencies.
