President Bola Tinubu has directed that eligible liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled into the Nigerian Education Loan Fund (NELFund) to strengthen student-loan financing.
The directive also covers certain unclaimed dividends held under the Capital Market Trust Fund and Dormant Account Trust Fund, according to the Minister of Education, Tunji Alausa.
Alausa disclosed the decision on Wednesday while briefing State House correspondents following the Federal Executive Council (FEC) meeting in Abuja.
Only Eligible Liquid Funds Covered
The minister stressed that the directive does not apply indiscriminately to all assets recovered by the EFCC.
He said only liquid, unencumbered funds that are not tied up in legal disputes or other restrictions would be considered for transfer.
Alausa specifically clarified that seized properties and recovered assets that cannot legally be transferred are excluded from the arrangement.
The ministers of Finance and Justice, the Debt Management Office and other relevant agencies are expected to work with the Education Ministry to establish the legal and operational framework.
Justice Ministry to Review Trust Fund Laws
According to Alausa, Attorney-General and Minister of Justice Lateef Fagbemi will examine the laws establishing the two trust funds to determine whether the unclaimed dividends can legally be transferred to NELFund.
The Attorney-General will also work with the EFCC chairman to identify recovered liquid funds that meet the requirements for transfer.
The move is intended to provide NELFund with additional resources as demand for student loans continues to increase.
More Than 1.2 Million Students Have Benefited
Alausa said more than 1.2 million Nigerian students had benefited from the student-loan programme.
He added that NELFund had distributed more than N93 billion in student stipends across federal and state public institutions, while more than N250 billion had been disbursed for institutional fees.
The minister said the additional funding would help sustain the government’s effort to expand access to higher education.
He described education financing as a major priority of the Tinubu administration.
FEC Approves Nigeria Academy for Gifted Children
The Federal Executive Council also approved the transformation of the Suleja Academy into the Nigeria Academy for the Gifted and Talented.
Alausa said the institution would provide specialised education and support for exceptionally gifted Nigerian children.
The academy is expected to operate with its own governing structure and draw funding from government appropriations, endowments and donations.
Alausa said the objective was to identify talented children across the country, nurture their abilities and develop them into future contributors to national development.
National Library Project Gets Fresh Funding
FEC also approved an augmentation of the existing contract for the completion of the National Library of Nigeria project.
The minister said construction began in April 2006 and was initially expected to take two years, but work stopped in October 2008.
He said funding had been sourced through the Tertiary Education Trust Fund (TETFund), with additional support mobilised from First Lady Oluremi Tinubu to facilitate the resumption of construction.
14 Federal Universities to Get Entrepreneurship Programme
The council also approved the rollout of an entrepreneurship, innovation and business incubation certification programme in 14 federal universities.
The technology-focused initiative will provide students with training in entrepreneurship, innovation, enterprise development and digital skills, alongside mentorship and incubation opportunities.
Alausa said the programme had previously been tested at the University of Lagos and was designed to help students transition from job seekers to entrepreneurs and innovators.
The participating universities are:
- Ahmadu Bello University
- Bayero University Kano
- Nnamdi Azikiwe University
- Obafemi Awolowo University
- University of Abuja
- University of Benin
- University of Ibadan
- University of Ilorin
- University of Jos
- University of Lagos
- University of Maiduguri
- University of Nigeria, Nsukka
- University of Port Harcourt
- Usmanu Danfodiyo University, Sokoto
The measures announced by the government form part of its broader education reforms aimed at expanding student financing, supporting gifted learners and strengthening entrepreneurship and innovation within Nigeria’s higher education system.
