PRESIDENT Bola Tinubu has directed that all funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFund).
The Minister of Education, Tunji Alausa, disclosed this on Wednesday, August 19, during a press briefing at the State House shortly after the Federal Executive Council Meeting Council (FEC) meeting.
The Council also approved that all other unclaimed dividends in the Capital Market Trust Fund and Dormant Account Trust Fund be channelled to the student loan scheme to expand its reach and strengthen its efficiency, adding: “The President, in his benevolence, has now directed that all funds recovered by the Economic and Financial Crimes Commission (EFCC) 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.
“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.”
He said Tinubu directed the Ministers of Finance and the Attorney General of the Federation (AGF), in collaboration with the Ministry of Education, the Debt Management Office and other relevant agencies, to work out the modalities for transferring the funds.
“The education of our children cannot wait. It is of utmost importance to him, and he will do anything and everything to protect the future of every single Nigerian child, every single Nigerian student,” he minister quoted the President as saying.
Alausa said the AGF would work with the EFCC chairman to review the legal framework governing the relevant trust funds and determine how the recovered monies could be lawfully transferred to NELFund, adding that the development would place it on a stronger financial footing as its obligations continue to expand.
He disclosed that over 1.2 million Nigerian students were benefiting from NELFund, while it has disbursed over N250billion in institutional fees to public tertiary institutions at both federal and state levels.
Alausa described the development as a fulfillment of one of Tinubu’s campaign promises, recalling that the President had pledged to ensure the passage and implementation of the student loan legislation within six months of assuming office.
NELFund was established in 2024 following Tinubu’s assent to the Student Loans (Access to Higher Education) Act to provide interest-free loans to eligible students in tertiary institutions.
The Fund said it had paid out over N322billion for institutional fees and upkeep allowances to over 1.6 million students nationwide as at August 8, this year.
