BREAKING: Tinubu Redirects EFCC-Recovered Funds, Unclaimed Dividends to Fund Student Loan Scheme

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 the financing of the student loan scheme.

The Minister of Education, Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council meeting.

Alausa said the council also approved the transfer of 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 has sufficient resources to meet its growing financial 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 clarified that the directive applies specifically to liquid, unencumbered funds and does not cover seized properties or recovered assets that are subject to legal proceedings.

“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.“

The minister said the initiative was in line with President Tinubu’s campaign commitment to expand access to education and provide financial support for Nigerian students.

He added that only funds that are free from legal disputes or other encumbrances would be available for transfer to the student loan fund.

The decision comes as NELFUND faces increasing funding requirements amid the expansion of the federal student loan programme to support more Nigerian students pursuing higher education.