President Bola Tinubu has directed that funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND) to strengthen funding for the student loan scheme.
The Minister of Education, Dr. Tunji Alausa, disclosed this on Wednesday while briefing journalists after the Federal Executive Council (FEC) meeting in Abuja.
Alausa said the FEC also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and funds from the Dormant Account Trust Fund to NELFUND.
According to him, the measures are aimed at ensuring that NELFUND has sufficient resources to meet its growing financial obligations to Nigerian students.
“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.
The latest directive builds on the government’s earlier use of recovered proceeds to support NELFUND. In August 2024, N50 billion in EFCC-recovered proceeds was allocated to the education loan fund.
The government has also previously taken steps to manage unclaimed dividends and dormant funds through dedicated trust-fund arrangements, with the Securities and Exchange Commission maintaining a system for investors to reclaim unclaimed dividends.
