President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission be transferred to the Nigerian Education Loan Fund to strengthen the agency’s ability to finance student loans.
The directive was disclosed by the Minister of Education, Tunji Alausa, after the Federal Executive Council meeting presided over by Tinubu at the Presidential Villa, Abuja.
The President also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND. The unclaimed dividends are currently estimated at about N242 billion.
Alausa clarified that the directive applies specifically to liquid cash recovered by the EFCC. Seized properties, recovered properties and other non-liquid assets are not included.
He also explained that funds currently subject to legal challenges will not be transferred until the cases are resolved. The Attorney-General of the Federation, working with the Ministries of Finance and Education and the Debt Management Office, is expected to work out the legal process for moving the unclaimed funds to NELFUND.
NELFUND Supports Over 1.2 Million Students
According to the Minister, more than 1.2 million Nigerian students are currently benefiting from NELFUND.
The fund has also disbursed more than N93 billion in student stipends and over N250 billion in institutional fees to public tertiary institutions across the country.
The Federal Government says the additional funding will help NELFUND remain financially sustainable as demand for education loans continues to grow.
The move represents a major attempt by the Tinubu administration to expand the financial resources available for Nigeria’s student-loan programme while putting recovered public funds and dormant financial assets toward education.
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President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission be transferred to the Nigerian Education Loan Fund to strengthen the agency’s ability to finance student loans.
The directive was disclosed by the Minister of Education, Tunji Alausa, after the Federal Executive Council meeting presided over by Tinubu at the Presidential Villa, Abuja.
The President also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND. The unclaimed dividends are currently estimated at about N242 billion.
Alausa clarified that the directive applies specifically to liquid cash recovered by the EFCC. Seized properties, recovered properties and other non-liquid assets are not included.
He also explained that funds currently subject to legal challenges will not be transferred until the cases are resolved. The Attorney-General of the Federation, working with the Ministries of Finance and Education and the Debt Management Office, is expected to work out the legal process for moving the unclaimed funds to NELFUND.
NELFUND Supports Over 1.2 Million Students
According to the Minister, more than 1.2 million Nigerian students are currently benefiting from NELFUND.
The fund has also disbursed more than N93 billion in student stipends and over N250 billion in institutional fees to public tertiary institutions across the country.
The Federal Government says the additional funding will help NELFUND remain financially sustainable as demand for education loans continues to grow.
The move represents a major attempt by the Tinubu administration to expand the financial resources available for Nigeria’s student-loan programme while putting recovered public funds and dormant financial assets toward education.
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