Jubilation as Tinubu directs EFCC recovered funds, unclaimed dividends to NELFUND
President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be transferred to the Nigerian Education Loan Fund (NELFUND) to support its growing financial obligations to Nigerian students.
The Minister of Education, Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council meeting, according to The PUNCH. He said the council also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.
Alausa said the directive covers only recovered cash that is not tied up in legal disputes.
He clarified that the directive does not apply to seized properties or other recovered assets that cannot be immediately converted to cash.
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
The minister said the additional funding would help NELFUND meet its expanding obligations as more Nigerian students access government-backed education loans.
He added that the decision was in line with Tinubu’s commitment to improving access to higher education.
The Federal Executive Council’s approval also covers unclaimed dividends held under the Capital Market Trust Fund and the Dormant Account Trust Fund.
The funds are expected to strengthen NELFUND’s ability to finance its obligations to beneficiaries of the student loan programme.
The development comes as the Federal Government continues to expand the student loan scheme, which was established to provide financial support to Nigerian students facing difficulties meeting the cost of tertiary education.
The latest directive means eligible liquid funds recovered through EFCC operations, alongside specified unclaimed financial assets, will now form part of the funding sources available to NELFUND for the student loan programme.