President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission be channelled into the Nigerian Education Loan Fund to strengthen the financing of student loans and expand access to higher education.
The Minister of Education, Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council meeting.
Alausa said the council also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.
According to him, the measures are designed to improve the financial capacity of NELFUND as the number of beneficiaries and its funding obligations continue to rise.
“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 minister, however, clarified that the directive does not cover seized properties or assets recovered in cases of financial crimes.
He stressed that only liquid funds recovered by the EFCC would be transferred to the student loan fund.
“Not seized properties, or recovered looted funds, but liquid funds from the EFCC will now be transferred to NELFUND,” he said.
The move is expected to provide an additional funding stream for the Federal Government’s student loan programme, which was established to enable eligible students in tertiary institutions to access interest-free loans.
NELFUND was established in 2024 following the signing of the Student Loans (Access to Higher Education) Act by Tinubu.
The fund has since expanded its operations nationwide, providing support for institutional fees and students’ upkeep.
As of August 8, NELFUND said it had disbursed more than N322bn to over 1.6 million students across the country.
The latest directive comes amid growing demand for the student loan scheme and the Federal Government’s efforts to broaden its funding base beyond annual budgetary allocations.
By directing recovered liquid funds and unclaimed financial assets to NELFUND, the administration is seeking to create a more sustainable pool of resources for the scheme while reducing the financial barriers confronting students seeking tertiary education.
'
'Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
