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.
Tunji Alausa announced the president’s directive on Wednesday while briefing state house correspondents after the federal executive council (FEC) meeting presided over by Tinubu.
Alausa said the council also approved a presidential directive for unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to be channelled to NELFUND.
According to him, the measures are aimed at strengthening NELFUND’s finances and ensuring that it has sufficient resources to meet increasing demand for student loans.
“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.
He added that the directive on recovered funds applied specifically to liquid monies and not properties seized or recovered by the anti-graft agency.
“Note, and the President was very clear, not seized properties, or recovered looted funds, but liquid funds, from the EFCC will now be transferred to NELFUND,” the minister said.
Alausa explained that the funds would include unencumbered monies that were not subject to legal disputes.
He said the initiative was consistent with Tinubu’s campaign commitment to expanding access to education for Nigerian students.
The minister said the additional funding would help NELFUND remain financially buoyant as its obligations continue to grow amid increasing participation in the student loan programme.
