President Bola Tinubu has directed the Economic and Financial Crimes Commission (EFCC) to channel recovered funds, unclaimed dividends and other eligible dormant funds to the Nigerian Education Loan Fund (NELFUND) to support students pursuing higher education.
The Minister of Education, Dr. Tunji Alausa, disclosed this while briefing State House correspondents after the Federal Executive Council (FEC) meeting presided over by President Tinubu at the Presidential Villa in Abuja.
According to Alausa, the directive covers funds seized by the EFCC, unclaimed dividends held under the capital market trust fund and dormant account trust funds.
He said the initiative was approved by the FEC and is aimed at strengthening NELFUND’s financial capacity as its responsibilities continue to expand.
“The President has directed — and this was endorsed by FEC — that all seized funds by the EFCC should be directed to NELFUND to fund the education of our children,” the minister said.
Alausa stressed that providing access to education remains a major priority for the Tinubu administration, adding that the government is committed to protecting the future of Nigerian students.
He further disclosed that the President directed that unclaimed dividends and funds in dormant accounts should also be made available to NELFUND.
“The President also directed, and FEC approved, that all unclaimed dividends from the capital market trust fund and the dormant account trust fund should be directed to NELFUND, so that NELFUND is financially buoyant to meet its growing obligations,” he stated.
The minister explained that legal reviews are underway to establish the appropriate framework for transferring the funds and ensure compliance with existing laws.
He, however, clarified that funds currently involved in legal disputes would not be included in the arrangement.
According to him, the government intends to transfer only unencumbered funds that have been recovered and are legally available for public use.
The minister added that the recovered resources would be prioritised for the education of Nigerian children and students.
NELFUND was established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024, which President Tinubu signed into law on April 3, 2024.
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