STUDENT LOAN BOOST: TINUBU ORDERS EFCC’s RECOVERED LIQUID FUNDS PUMPED INTO NELFUND
GREATRIBUNETVNEWS–PRESIDENT Bola Ahmed Tinubu has directed that recovered liquid funds in EFCC custody be channelled to the Nigerian Education Loan Fund (NELFUND) to expand access to student loans.
Minister of Education, Dr. Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents shortly after the Federal Executive Council (FEC) meeting.
The directive targets cash recoveries, not all forfeited assets, marking a strategic push to convert looted funds into educational opportunities for Nigerian youths.
Alausa said FEC also approved that all other unclaimed dividends in the Capital Market Trust Fund and Dormant Account Trust Fund be channelled to the student loan scheme in a bid to expand the reach of the fund and strengthen its efficiency.
“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.
“This was also approved by FEC: that all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund should also be directed to NELFUND so that NELFUND will be financially buoyant to meet its growing obligations today.
“Note, and the President was very clear, not ceased properties or recovered looted funds, but liquid funds from the EFCC will now be transferred to NELFUND.“
NELFUND was established in 2024 after Tinubu signed the Student Loans (Access to Higher Education) Act into law to provide interest-free loans to eligible students in tertiary institutions.
As of August 8, the fund said it had paid out over N322 billion for institutional fees and upkeep allowances to over 1.6 million students nationwide.
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