Student Loans: Tinubu Orders Transfer Of EFCC-Recovered Funds To Support Nigerian Students

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

Alausa also revealed that the FEC approved the use of unclaimed dividends under the Capital Market Trust Fund and funds from the Dormant Account Trust Fund to support NELFUND.

According to the minister, the measures are intended to provide NELFUND with sufficient resources to continue funding student loans as demand for the programme increases.

He explained that the presidential directive applies specifically to liquid funds recovered by the EFCC, and does not include properties seized by the anti-graft agency.

Alausa further clarified that only recovered funds that are free from legal disputes or encumbrances would be transferred to the education loan scheme.

He said:

“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.

“This was also approved by FEC: that all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund should also be directed to NELFUND, so that NELFUND will be financially buoyant to meet its growing obligations today.

“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.