President Bola Ahmed Tinubu has directed that funds recovered by the Economic and Financial Crimes Commission (EFCC), alongside certain unclaimed dividends and dormant accounts, be channelled into 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 meeting presided over by President Tinubu at the Presidential Villa in Abuja.
According to Alausa, the directive covers funds seized or recovered by the EFCC, unclaimed dividends held through capital market trust arrangements and dormant account trust funds.
He explained that the move is aimed at strengthening NELFUND’s financial capacity and ensuring that the agency can continue meeting the growing demand for student loans.
“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 of the administration, noting that the government wants to ensure that financial difficulties do not prevent Nigerian students from pursuing higher education.
He also disclosed that the Federal Executive Council approved the transfer of eligible unclaimed dividends and dormant account funds to NELFUND.
However, the minister clarified that funds currently tied up in legal disputes would not be transferred until the relevant issues are resolved.
He said only funds that are free from legal encumbrances and have been confirmed as belonging to Nigerians would be considered for the process.
The government is expected to conduct the necessary legal reviews to establish a clear framework for transferring the funds and ensuring compliance with existing laws.
The initiative is part of efforts to expand the funding base of NELFUND and provide more Nigerian students with access to financial support for their education.
