President Bola Tinubu has directed that legally cleared funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND) to strengthen student financing and expand access to tertiary education.
The directive was disclosed on Monday in Abuja by Ikharo Attah, Special Adviser to the Minister of Education on Media and Communications.
According to Attah, the Minister of Education, Tunji Alausa, said the move was designed to improve NELFUND’s financial sustainability as the number of beneficiaries continues to grow.
Alausa said the President had also directed relevant authorities to explore the possibility of transferring funds from unclaimed dividends and dormant accounts to NELFUND, provided such transfers comply with existing laws.
He stressed that only recovered funds that were free from litigation and other legal encumbrances would qualify for the arrangement.
FG begins process to redirect recovered funds
The minister explained that the Attorney-General of the Federation, working with the Ministers of Finance and Education and other relevant agencies, would develop the framework for implementing the presidential directive.
He added that the Attorney-General would review the laws governing the Unclaimed Dividend Trust Fund and Dormant Account Trust Fund to determine how funds from the two sources could legally support NELFUND.
Alausa described the initiative as a major boost for Nigerian students, saying the administration was committed to ensuring that financial difficulties did not prevent qualified young Nigerians from obtaining higher education.
More than 1.2 million students benefiting from NELFUND
The minister disclosed that more than 1.2 million students in tertiary institutions across Nigeria were currently benefiting from NELFUND.
As of August 8, he said, the Fund had disbursed more than N322 billion in institutional fees and upkeep allowances to beneficiaries.
Alausa explained that the new funding arrangement would complement NELFUND’s existing sources of financing, including the 15 per cent allocation from the Tertiary Education Trust Fund development levy.
He said strengthening the Fund’s financial base would enable it to meet its increasing obligations while maintaining support for students across the country.
Education investment remains priority
The minister said the Federal Government was extending its education investment beyond tertiary institutions to basic and senior secondary education as part of a broader strategy to strengthen Nigeria’s education system.
He described the new funding direction as an opportunity to convert resources recovered on behalf of Nigerians into educational opportunities for young people.
Alausa maintained that sustained investment in education was essential to developing the skilled workforce required to drive economic growth and achieve Nigeria’s long-term development objectives.
He assured Nigerians that the Federal Ministry of Education would work with NELFUND and other relevant government institutions to ensure the new funding mechanisms were implemented transparently and within the law.
