Tinubu orders recovered EFCC funds, unclaimed dividends for student loans

President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission be transferred to the Nigerian Education Loan Fund to strengthen the financing of student loans.

The Minister of Education, Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after a Federal Executive Council meeting in Abuja.

Alausa said the council had also approved a presidential directive for unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to be channelled to NELFUND.

According to the minister, the measures are intended to provide NELFUND with sufficient funds to meet its growing financial obligations to Nigerian students.

“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 clarified that the directive applies to liquid and unencumbered funds recovered by the EFCC and not seized properties or assets whose ownership is subject to legal proceedings.

The minister said the policy was consistent with Tinubu’s commitment to expanding access to education and ensuring that financial constraints do not prevent Nigerian students from pursuing tertiary education.

He explained that the funds to be transferred would include recovered monies that are not under legal contention.

Alausa said the additional funding would help NELFUND sustain its operations as demand for student loans continues to increase.

The Nigerian Education Loan Fund was established to provide financial assistance to eligible Nigerian students pursuing tertiary education, with the Federal Government expanding the scheme under the current administration.