President Bola Tinubu has directed that all funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND).
Tunji Alausa, minister of education, spoke on Wednesday during a press briefing at the State House shortly after the federal executive council (FEC) meeting.
Alausa said FEC also approved that all other unclaimed dividends in the Capital Market Trust Fund and Dormant Account Trust Fund be channelled to the student loan scheme in a bid to expand the reach of the fund and strengthen its efficiency.
“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.
“This was also approved by FEC: that all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund should also be directed to NELFUND, so that NELFUND will be financially buoyant to meet its growing obligations today.
“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.“
NELFUND was established in 2024 after Tinubu signed the Student Loans (Access to Higher Education) Act into law to provide interest-free loans to eligible students in tertiary institutions.
As of August 8, the fund said it had paid out over N322 billion for institutional fees and upkeep allowances to over 1.6 million students nationwide
