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

President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission be transferred to the Nigerian Education Loan Fund to support its growing financial obligations.

 

The Minister of Education, Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council meeting.

 

Alausa also announced that the council approved a presidential directive for unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to be channelled to NELFUND.

 

According to the minister, the measures are aimed at strengthening the financial capacity of NELFUND to meet its expanding 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.

 

He added that the directive was also approved by the Federal Executive Council.

 

“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,” he said.

 

The minister, however, clarified that the directive applies to liquid funds recovered by the EFCC and not seized properties or other assets.

 

“Note, and the President was very clear, not seized properties, or recovered looted funds, but liquid funds, from the EFCC will now be transferred to NELFUND,” he said.

 

Alausa said the directive was consistent with Tinubu’s campaign promise to expand access to education for Nigerian students.

 

He added that the funds would include unencumbered monies that are not subject to legal disputes.