- Tinubu approved the transfer of liquid EFCC recoveries to NELFUND
- Unclaimed dividends will also support the education loan fund
- The move aims to strengthen funding for Nigerian students
President Bola Tinubu has approved the transfer of liquid funds recovered by the Economic and Financial Crimes Commission to the Nigerian Education Loan Fund to strengthen its capacity to finance student loans.
Eko Hot Blog gathered that the Minister of Education, Tunji Alausa, disclosed this on Wednesday while speaking with 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 intended to provide NELFUND with sufficient resources to cope with its increasing financial commitments to Nigerian students.
He explained that the presidential directive applies specifically to recovered cash that is free from legal disputes and can be immediately transferred.
“The President was very clear, not seized properties or recovered looted funds, but liquid funds from the EFCC will now be transferred to NELFUND,” Alausa said.
The minister said the decision was part of the administration’s efforts to ensure that lack of funds does not prevent Nigerian students from accessing higher education.
He added that the initiative aligns with Tinubu’s earlier commitment to expanding access to education and providing financial support for students through the education loan scheme.
The latest directive is expected to increase NELFUND’s financial capacity as demand for its student loan programme continues to grow.
Alausa stressed that only funds that are unencumbered and not subject to ongoing legal claims would be transferred under the arrangement.
