Tinubu redirects EFCC-recovered funds, unclaimed dividends to student loan scheme

President Bola Tinubu has ordered that funds recovered by the Economic and Financial Crimes Commission (EFCC) be redirected to the Nigerian Education Loan Fund (NELFUND). This directive aims to bolster the financial capacity of the fund, which supports Nigerian students' access to education.

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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.

The Federal Executive Council (FEC) has endorsed this presidential directive. Additionally, the council approved channeling all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND. This move is intended to ensure the fund remains financially robust and capable of meeting its expanding obligations to students across the country.

Minister of Education, Dr. Tunji Alausa, disclosed these decisions while briefing State House correspondents following a FEC meeting. He clarified that the funds transferred from the EFCC would consist of liquid assets, specifically unencumbered monies not under legal dispute, and would not include seized properties or recovered looted funds.

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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.

Alausa stated that President Tinubu's directive aligns with a key campaign promise to guarantee educational access for Nigerian students. The infusion of these recovered and unclaimed funds is expected to provide sustained financial support for NELFUND's operations and growing commitments.

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Note, and the President was very clear, not ceased properties, or recovered looted funds, but liquid funds, from the EFCC will now be transferred to NELFund.