Tinubu Approves Transfer Of EFCC Recovered Funds

President Bola Tinubu has approved the transfer of liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) to the Nigerian Education Loan Fund (NELFUND) to support the student loan scheme.

The Minister of Education, Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting in Abuja.

According to the Minister, the council also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.

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.

Alausa clarified that the directive applies only to liquid cash that is not currently tied up in legal disputes, excluding seized properties or assets that cannot be immediately converted to cash.

The Minister stated that the President has directed the Attorney-General of the Federation and the Minister of Finance to work with the Ministry of Education to develop a legal framework for the transfer of these funds.

This initiative is part of the government’s broader effort to ensure the sustainability of the student loan programme, which has seen significant demand with over 1.6 million applications processed as of August 2026.