President Bola Tinubu has ordered that liquid funds recovered by the Economic and Financial Crimes Commission be redirected to the Nigerian Education Loan Fund (NELFUND) to strengthen its capacity to meet growing obligations to students.
The Minister of Education, Dr. Tunji Alausa, disclosed the directive on Wednesday while briefing journalists after the Federal Executive Council meeting.
Alausa explained that the council also approved Tinubu’s instruction that all unclaimed dividends from the Capital Market Trust Fund and monies in the Dormant Account Trust Fund be channelled to NELFUND.
“The president has now directed that all liquid funds recovered by the EFCC be diverted to NELFUND. In addition, unclaimed dividends and dormant account funds will also be transferred, ensuring the fund is financially buoyant to meet its obligations,” Alausa said.
He clarified that the directive applies only to liquid funds not under legal contention, excluding seized properties or contested assets.
The move aligns with Tinubu’s campaign promise to expand access to education and provide sustainable financing for Nigerian students.
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