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.
1SUBSCRIBE TO OUR NEWSLETTER NOW
Support MATAZ ARISING’ journalism of integrity and credibility.
Good journalism ensure the possibility of a good society, an accountable democracy, and a transparent government.
We ask you to consider making a modest support to this noble endeavour.
TEXT AD: To advertise here – Email ad@matazarising.com
LATEST POSTS
-
2027: I’ll restore fuel subsidy if elected — Atiku
MaTaZ ArIsInGDallas, Texas Atiku Abubakar, the presidential candidate of the African Democratic Congress (ADC), has promised to restore the petrol subsidy if he wins the 2027 presidential election. Atiku made the pledge during an interview on Wednesday while questioning the use of funds he said were saved following the removal of the subsidy. He said…
-
2027: Why I chose to run with Obi — Kwankwaso
MaTaZ ArIsInGDallas, Texas Former Kano State governor, Rabiu Kwankwaso, has explained his decision to run on the same presidential ticket with Peter Obi ahead of the 2027 general elections, saying their partnership is driven by the need for a different approach to governance. Kwankwaso, who is seeking the vice-presidential ticket alongside Obi on the platform…
-
Nigeria’s federal government moves to decriminalise attempted suicide
MaTaZ ArIsInGDallas, Texas In Nigeria, where mental health issues remain largely stigmatised, the federal government has plans to decriminalise attempted suicides. Trying to take one’s life is currently punishable by up to one year in prison under the colonial-era Criminal Code, while the Penal Code provides for up to a year in jail, a fine,…
