Tinubu Orders EFCC-Recovered Funds to Be Channelled to NELFUND

President Bola Ahmed 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 support the growing financial obligations of the student loan scheme.

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 presidential 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 intended to strengthen NELFUND’s finances and enable it to meet its increasing obligations to Nigerian students.

“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 FEC had also approved the transfer of unclaimed dividends from the two funds to NELFUND.

Alausa, however, clarified that the directive does not cover seized properties or all recovered assets.

“Note, and the President was very clear, not ceased properties, or recovered looted funds, but liquid funds, from the EFCC will now be transferred to NELFund,” he said.

The minister explained that the funds involved would include unencumbered monies that are not subject to legal disputes.

He said the initiative was consistent with Tinubu’s campaign commitment to improving access to education and ensuring that Nigerian students can benefit from the student loan programme.

The directive comes as NELFUND faces increasing funding requirements following the expansion of the student loan scheme to support more Nigerian students.

The government expects the additional funding sources to improve the fund’s capacity to meet its obligations under the education loan programme.