President Bola Tinubu has directed that funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled into the Nigerian Education Loan Fund (NELFUND) to strengthen the financing of student loans.
The Minister of Education, Dr Tunji Alausa, disclosed the directive on Wednesday while briefing State House correspondents shortly after the Federal Executive Council (FEC) meeting in Abuja.
According to the minister, the move is part of efforts by the administration to provide sustainable funding for NELFUND as demand for student loans continues to grow.
Alausa said President Tinubu had directed that recovered funds from the EFCC be diverted to NELFUND to enable the scheme to meet its expanding financial obligations to Nigerian students.
The Federal Government also approved the channelling of certain unclaimed dividends into NELFUND. These include funds held under the Capital Market Trust Fund and the Dormant Account Trust Fund.
The development builds on the government’s previous use of recovered proceeds of crime to support the education sector. The EFCC had earlier disclosed that the initial ₦50 billion seed funding for NELFUND came from proceeds recovered by the commission.
The latest directive is expected to provide NELFUND with additional resources to sustain the student loan programme and expand access to higher education for eligible Nigerians.
The Federal Executive Council’s decision is part of the Tinubu administration’s broader policy of redirecting recovered assets and funds towards projects and programmes considered beneficial to the public, particularly in the education sector.
