Tinubu orders EFCC-recovered funds to be channelled to NELFUND
President Bola Tinubu has directed that liquid 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 during a press briefing at the State House after the Federal Executive Council (FEC) meeting.
Alausa said the FEC also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and Dormant Account Trust Fund to NELFUND.
According to the minister, the measures are aimed at strengthening the student loan scheme and expanding NELFUND’s capacity to meet its growing financial obligations.
Tinubu directs EFCC recoveries to student loan fund
Alausa said the President specifically directed that funds recovered by the EFCC should be transferred to NELFUND to support the financing of student loans.
He clarified that the directive applies to liquid funds recovered by the anti-graft agency and does not include seized properties.
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The minister said the President was also clear that the arrangement does not cover non-liquid assets or properties recovered in connection with financial crimes.
The FEC approval on unclaimed dividends is expected to provide another source of funding for NELFUND as the number of beneficiaries under the student loan scheme continues to grow.
NELFUND has paid over N322bn to students
NELFUND was established in 2024 after President Tinubu signed the Student Loans (Access to Higher Education) Act into law.
The fund was created to provide interest-free loans to eligible students in tertiary institutions across Nigeria.
As of August 8, NELFUND said it had disbursed more than N322 billion for institutional fees and upkeep allowances to over 1.6 million students nationwide.
The latest directive from the President is expected to strengthen the fund’s financial position and support its ability to meet the increasing demand for student loans.
