President Bola Tinubu has ordered the transfer of eligible cash recovered by the Economic and Financial Crimes Commission to the Nigerian Education Loan Fund to help the agency meet its growing financial obligations to Nigerian students.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while speaking with State House correspondents after the Federal Executive Council meeting in Abuja.
Alausa said the Federal Executive Council also approved the use of unclaimed dividends held under the Capital Market Trust Fund and the Dormant Account Trust Fund to support NELFUND.
According to the minister, the move is aimed at giving the student loan agency enough funds to continue providing financial support to students as demand for the programme increases.
He explained that the presidential directive covers liquid funds recovered by the EFCC, rather than properties seized by the anti-graft agency. He also clarified that only recovered money that is free from legal disputes would be transferred to the education loan fund.
The minister said the decision forms part of the administration’s plan to expand access to higher education and ensure that lack of money does not prevent qualified Nigerian students from pursuing their studies.
He added that the government was working to provide NELFUND with a more stable source of funding so that it could meet its obligations to beneficiaries under the student loan programme.
The decision comes as the federal government continues to expand the student loan scheme, which was introduced to provide financial assistance to students who may struggle to meet the cost of tertiary education.
By directing eligible recovered funds and certain unclaimed financial assets to NELFUND, the government expects the scheme to have more resources available for students across the country.
The minister further noted that the funds to be transferred would not include assets that are still the subject of legal claims or court proceedings.
The latest directive is expected to provide additional financial support for NELFUND as the number of students seeking assistance through the programme continues to grow.
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