President Bola Ahmed Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled into the Nigerian Education Loan Fund (NELFUND) to strengthen the Federal Government’s student loan programme.
The Minister of Education, Dr Tunji Alausa, disclosed the directive on Wednesday after the Federal Executive Council meeting in Abuja.
However, the directive applies only to liquid and unencumbered funds that are not subject to ongoing legal disputes. Seized properties and assets tied up in legal proceedings are excluded.
The Federal Executive Council also approved the channelling of certain unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND, subject to the necessary legal processes.
The move is aimed at strengthening NELFUND’s financial capacity and ensuring that more Nigerian students can access funding for tertiary education as demand for the student loan scheme continues to grow.
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