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 support its growing financial obligations to Nigerian students.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council meeting.
Alausa said the council also approved a directive for unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to be channelled to NELFUND.
According to the minister, the measures are aimed at strengthening the education loan scheme and ensuring that NELFUND has sufficient resources to meet increasing demands from students.
He stressed that the directive applies specifically to liquid funds recovered by the EFCC and does not include seized properties or recovered assets that remain subject to legal disputes.
“The president, in his benevolence, has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND,” Alausa said.
He explained that the funds would include unencumbered monies that are not under legal contention.
The minister said the initiative was consistent with Tinubu’s campaign commitment to improving access to education and providing financial support for Nigerian students.
