- Alausa Reveals Tinubu’s Plan to Strengthen NELFUND With Recovered Funds
- Tinubu Moves to Strengthen NELFUND’s Financial Sustainability
- Over 1.2m Students Benefit
The Minister of Education, Dr. Maruf Tunji Alausa, has disclosed that President Bola Ahmed Tinubu has directed that all cleared and unencumbered funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND).
Eko Hot Blog reports that Alausa made the disclosure on Monday, August 24, 2026, saying the move is aimed at strengthening NELFUND’s financial capacity and ensuring the long-term sustainability of the student loan scheme.
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He said the President also directed that unclaimed dividends and funds in dormant accounts be considered for transfer to NELFUND, subject to relevant laws.
According to the minister, only funds that are legally cleared and free from litigation or other encumbrances will be transferred.
Alausa said the Attorney-General of the Federation, working with the Ministers of Finance and Education, would develop the modalities for implementing the directive and review relevant laws where necessary.
He said the additional funding would complement NELFUND’s existing sources of revenue and help the Fund meet its growing obligations.
The minister disclosed that more than 1.2 million Nigerian tertiary institution students are currently benefiting from NELFUND, while over ₦322 billion had been disbursed as institutional fees and upkeep allowances as of August 8.
Alausa said the initiative would provide more Nigerian students with opportunities to access tertiary education without being held back by financial constraints.
He added that sustained investment in education would help build the skilled workforce required to drive Nigeria’s economic development.
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