President Bola Ahmed 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 journalists at the State House after the Federal Executive Council (FEC) meeting.
According to Alausa, the council also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.
He said the measures were designed to provide NELFUND with additional resources to meet its increasing financial obligations and expand access to education loans.
“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 explained that the directive applied specifically to liquid cash recovered by the EFCC and did not include properties seized or forfeited in connection with financial crimes.
The minister said, “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 added that FEC had equally approved the channelling of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to the education loan scheme.
He said the additional funding would help make NELFUND financially stronger and better positioned to meet the growing demand for student loans.
NELFUND was established in 2024 following President Tinubu’s signing of the Student Loans (Access to Higher Education) Act into law. The scheme provides interest-free loans to eligible students in tertiary institutions.
The fund said that as of August 8, it had disbursed more than N322 billion in institutional fees and upkeep allowances to over 1.6 million students across the country.
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