Tinubu Mandates EFCC-Recovered Funds Redirected to NELFUND for Student Support

President Bola Ahmed Tinubu has issued a significant directive, ordering that all liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled directly into the Nigerian Education Loan Fund (NELFUND). This crucial instruction aims to bolster the financial capacity of NELFUND, a federal government initiative designed to provide interest-free student loans to Nigerian students for both tuition and upkeep.

The announcement was made by the Minister of Education, Tunji Alausa, following a Federal Executive Council (FEC) meeting held in Abuja on Wednesday. Minister Alausa further revealed that the council has also sanctioned the transfer of additional substantial funds to NELFUND, specifically from unclaimed dividends held within the Capital Market Trust Fund and the Dormant Account Trust Fund. These comprehensive measures underscore the government's commitment to fortifying NELFUND's resources, enabling it to continue supporting an increasing number of Nigerian students, currently estimated at over 1.2 million beneficiaries.

To ensure a robust and legally sound implementation of these directives, President Tinubu has mandated a collaborative effort among key government officials. The Ministers of Finance and Education, alongside the Attorney General of the Federation and the Debt Management Office, have been tasked with jointly establishing the necessary legal framework. This framework will govern the seamless and transparent transfer of the EFCC-recovered funds and the accumulated unclaimed dividends to NELFUND, ensuring that the student loan scheme has a sustainable financial base to fulfill its mandate of empowering Nigerian students through accessible education funding.