Tinubu orders EFCC to channel recovered funds to student loan scheme

President Bola Ahmed Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission, EFCC, be channelled to the Nigerian Education Loan Fund, NELFUND, to strengthen the financing of the Federal Government’s student loan scheme.

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

Mr Alausa said the council also approved the presidential directive for unclaimed dividends held under the Capital Market Trust Fund and the Dormant Account Trust Fund to be redirected to NELFUND.

According to him, the move is designed to provide NELFUND with sustainable funding as its obligations to Nigerian students continue to expand.

“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 minister said.

He added that FEC had approved 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.”

Mr Alausa, however, clarified that the directive would apply specifically to liquid funds recovered by the EFCC and not seized properties or 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.

The minister further explained that the funds to be transferred would include only monies that are unencumbered and not subject to legal disputes or claims.