President Bola Ahmed Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC), as well as unclaimed dividends from designated trust funds, be channelled to the Nigerian Education Loan Fund (NELFUND) to strengthen the Federal Government’s student loan scheme.
The Minister of Education, Dr Tunji Alausa, disclosed the directive on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting in Abuja.
According to the Minister, the President directed that all eligible liquid funds recovered by the EFCC be transferred to NELFUND to support its growing funding obligations to Nigerian students. The FEC also approved the channelling of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.
“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. 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,” Dr Alausa stated.
He clarified that the directive applies strictly to liquid funds that are unencumbered and not subject to ongoing legal disputes. It does not cover seized properties, forfeited assets, or recovered funds still under litigation.
“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 emphasised.
President Tinubu further directed the Ministers of Finance and Education, the Attorney-General of the Federation, and the Debt Management Office to collaborate in establishing the necessary legal framework for the transfer of these funds.
NELFUND, the Federal Government’s interest-free student loan scheme, provides support for tuition and upkeep. The Fund currently supports more than 1.2 million beneficiaries, with demand continuing to rise. The new funding streams are intended to ensure the scheme remains financially sustainable as its obligations expand.
The directive is consistent with President Tinubu’s commitment to expanding access to tertiary education for Nigerian students.