President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be transferred to the Nigerian Education Loan Fund (NELFUND) to strengthen its capacity to meet the growing demand for student loans.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council meeting.
Alausa also announced that the council approved a presidential directive to channel unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.
According to the minister, the measures are aimed at ensuring that NELFUND remains financially capable of meeting its expanding obligations to Nigerian students.
He said the President specifically directed that only liquid funds recovered by the EFCC would be transferred to NELFUND, excluding seized properties and other assets.
“The President 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 funds involved would be monies that are free from legal encumbrances and are not subject to ongoing litigation.
The minister said the decision was consistent with President Tinubu’s commitment to expanding access to education and providing financial support for Nigerian students.
The latest directive is expected to provide additional funding for NELFUND as the number of students seeking government-backed education loans continues to increase.
