Abuja: President Bola Tinubu has directed that all legally cleared and unencumbered funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND).
According to News Agency of Nigeria, this directive was revealed in a statement issued in Abuja by Mr Ikharo Attah, Special Adviser to the Minister of Education on Media and Communications. The statement quoted the Minister of Education, Dr Tunji Alausa, emphasizing that the directive aims to strengthen NELFUND’s financial sustainability and expand access to tertiary education for Nigerian students.
Dr Alausa noted that President Tinubu has also instructed that funds from unclaimed dividends and dormant accounts be considered for transfer to NELFUND, as long as the transfer complies with the relevant laws. Only funds that are legally cleared and free from litigation or other encumbrances will be considered.
The Minister explained that during the last Federal Executive Council meeting, President Tinubu stressed the need to make NELFUND financially robust and sustainable. Consequently, he directed that all seized and unencumbered funds held by the EFCC be redirected to NELFUND to support its growing obligations.
Further, the Attorney-General of the Federation, along with the Ministers of Finance and Education and other relevant institutions, will devise the modalities for implementing this directive. The Attorney-General will also review existing laws concerning the Unclaimed Dividend Trust Fund and Dormant Account Trust Fund to ensure compliance with the law when transferring funds to NELFUND.
Alausa described the directive as a significant opportunity for Nigerian students and reiterated the administration’s commitment to expanding access to quality education. He highlighted that the new funding arrangement would complement NELFUND’s existing financing sources, such as the 15% allocation from the Tertiary Education Trust Fund development levy.
Currently, more than 1.2 million students in tertiary institutions benefit from NELFUND, with disbursements exceeding N322 billion as of August 8. The Federal Government’s investment in education is also extending to basic and senior secondary education to bolster the entire system.
The Minister affirmed that this new funding direction would transform recovered resources into educational opportunities for young Nigerians. He stressed that sustained investment in education is crucial for developing the skilled workforce needed for national development and achieving Nigeria’s long-term economic goals.
The Federal Ministry of Education remains committed to collaborating with NELFUND and relevant government institutions to implement the new funding arrangements effectively, ensuring that financial constraints do not hinder qualified Nigerian students from pursuing tertiary education.