Tinubu Unleashes Financial Revolution: Seized Funds & Unclaimed Dividends Diverted to NELFUND!

The Federal Executive Council (FEC), under the leadership of President Bola Tinubu, has approved a series of crucial directives and initiatives aimed at significantly bolstering Nigeria's education, healthcare, and public sector accountability sectors. A pivotal decision includes channeling all legally cleared and recovered liquid funds by the Economic and Financial Crimes Commission (EFCC) to the Nigerian Education Loan Fund (NELFUND). This directive, further supported by the mobilization of funds from the Unclaimed Dividends Trust Fund and the Dormant Accounts Trust Fund (contingent upon compliance with existing laws), is designed to substantially strengthen the financing of tertiary education across the country.

Dr. Tunji Alausa, the Minister of Education, clarified that the President’s directive strictly applies to liquid funds that have been legally recovered and are no longer subject to litigation, emphasizing that seized properties are not included. He highlighted the President's vision for education as one of the most productive uses for recovered public funds, aligning with the administration's goal of building the human capital necessary to achieve a $1 trillion economy. This decision is expected to place NELFUND on a sustainable financial footing as the demand for student loans continues to grow. Currently, NELFUND benefits over 1.2 million Nigerian students, having disbursed more than N93 billion as upkeep allowances and over N250 billion as institutional fees to public tertiary institutions nationwide. The President has directed relevant agencies, including the Attorney General of the Federation, Minister of Finance, Ministry of Education, and the Debt Management Office (DMO), to establish the legal and operational framework for these transfers, with the Attorney General also working with the EFCC Chairman to identify available funds.

In further advancements for the education sector, FEC approved an augmentation of approximately N118.31 billion for the completion of the long-abandoned National Library of Nigeria headquarters complex in Abuja, alongside an additional N37 billion for its furnishing. This project, initiated in April 2006 and halted in October 2008, is now set to resume, with funding also sourced through the Tertiary Education Trust Fund (TETFund) and an estimated N25 billion raised through an initiative by First Lady Senator Oluremi Tinubu. Furthermore, the council approved the establishment of the Nigerian Academy for the Gifted and Talented, transforming the existing Suleja Academy. This autonomous institution will identify and nurture exceptionally gifted Nigerian children, operating with its own governing structure and diversified funding sources, including federal appropriations, endowments, and gifts. An executive bill will be prepared by the Attorney-General of the Federation for transmission to the National Assembly to provide legal effect to this transformation.

Addressing a critical social issue, the federal government hinted at plans to decriminalize attempted suicide in Nigeria, aiming for a 15 percent reduction in suicide cases by 2030. This move, approved by FEC, involves an amendment to the National Mental Health Act to shift the country’s response from punishment to care and support. Coordinating Minister of Health and Social Welfare, Prof. Ali Pate, explained that this reform seeks to end the application of colonial-era laws that allowed for the arrest and prosecution of individuals attempting suicide, despite their need for medical and psychological intervention. The amendment, following extensive consultations with mental health advocates and relevant ministries, addresses inconsistencies between the criminal justice framework and the National Mental Health Act, 2021. The World Health Organisation estimates that suicide accounts for over 7,000 deaths annually in Nigeria, with around 300,000 attempts each year, underscoring the urgent need for a public health response.

Significant investments were also approved for Nigeria's health infrastructure, reflecting the administration's determination to reverse years of neglect. FEC greenlit a dramatic overhaul of the National Hospital, Abuja, including the construction of a new administrative and management block at a cost of N18.74 billion, modular clinics and theatres for various medical specialties at N64.92 billion, a high-end wing at N103 billion (with a 24-month completion period), and a Neuroscience Institute at N69 billion. The Neuroscience Institute will provide dedicated infrastructure for neurosurgical, radiological, interventional, and rehabilitative services for patients with conditions affecting the brain and nervous system. Concurrently, the council approved the development of a flagship National Institute for Cancer Research and Treatment (NICRAT) facility, encompassing design, construction, furnishing, equipping, supervision, and commissioning at a cost of N302.3 billion over 36 months. Prof. Pate described these as unprecedented investments, emphasizing the need for quality healthcare infrastructure, managed through competitive procurement processes overseen by the Bureau of Public Procurement (BPP).

In the realm of economic policy and governance, FEC approved the adoption and implementation of the revised National Biotechnology Policy 2026. This policy aims to position Nigeria to harness opportunities presented by the global bio-economy, enhance national competitiveness, attract investment, strengthen food and nutrition security, and accelerate sustainable economic growth. The Energy Commission of Nigeria has been designated as the lead implementing agency for the Nigeria Bioenergy Partnership.

Finally, FEC approved a comprehensive forensic audit of the Federal Government’s payroll, accounting, and administrative systems. This move is part of a fresh drive to uncover ghost workers, fake government agencies, and other forms of payroll fraud, prompted by revelations that about N9.5 trillion had been allocated to incremental salary and allowance payments. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated that a major component of this exercise would be a thorough review of the Integrated Personnel and Payroll Information System (IPPIS). The audit was also triggered by a serious administrative and security breach involving the creation of fake agencies, such as a