Tunji Alausa, Minister of Education, says Lateef Fagbemi, Attorney-General of the Federation and Minister of Justice, will review relevant laws to facilitate the transfer of recovered funds to the Nigeria Education Loan Fund (NELFUND).
This follows President Bola Tinubu’s directive that all
funds recovered by the Economic and Financial Crimes Commission (EFCC) be
channelled to the student loan scheme.
Speaking on Wednesday during a press briefing at the State
House shortly after the federal executive council (FEC) meeting, Alausa had
said FEC also approved that all other unclaimed dividends in the Capital Market
Trust Fund and Dormant Account Trust Fund be channelled to NELFUND in a bid to
expand its reach.
In a statement on Monday by Ikharo Attah, his media aide,
Alausa said the AGF is already working with the ministries of finance and
education and other relevant institutions to establish the modalities for
implementation.
“During that meeting as well, Mr. President directed the
Minister of Finance, myself and the Attorney-General of the Federation to work
on the modalities to operationalising this,” Alausa said.
“More importantly, the Attorney-General will review the Act
setting up the unclaimed dividend trust fund as well as the dormant account
trust fund to see how we can be legally compliant in moving those funds.”
Alausa noted that any necessary amendments to the relevant
laws would be considered to ensure full legal compliance.
“If changes would have to be made to the Act, whatever, the
Attorney-General is looking into that,” he said.
Alausa said the development represents an important
opportunity for Nigerian students, particularly as the administration continues
to expand access to education and create pathways for young Nigerians to
contribute meaningfully to national development.
The minister thanked the president for the political support
and funding being provided to advance the administration’s education agenda.
He said the administration’s investments were already
yielding improvements across the education sector, including in the quality of
education, services delivered to students and the welfare of academic and
non-academic staff in tertiary institutions.
He added that the government was extending these
interventions to basic and senior secondary education as part of its broader
effort to strengthen the education system.
“We’ve never had it so good in the education sector,” Alausa
said, adding that the new funding arrangement would complement existing sources
of financing for NELFUND and provide a stronger foundation for meeting its
growing obligations.
“But to summarise, NELFUND, beyond the 15 per cent
allocation from the development levy, is now positioned to be financially
buoyant into the near future, into the distant future and sustainably to
eternity,” he said.
NELFUND was established in 2024 after President Tinubu
signed the Student Loans Access to Higher Education Act into law, providing
interest-free loans to eligible students in tertiary institutions.
As of August 8, the fund said it had disbursed over N322
billion in institutional fees and upkeep allowances to over 1.6 million
students nationwide.
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