President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND) to strengthen student loan financing.
The Minister of Education, Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting.
Alausa said the council also approved the transfer of unclaimed dividends in the Capital Market Trust Fund and Dormant Account Trust Fund to NELFUND to boost its capacity to meet its growing obligations.
He clarified that the directive applies specifically to liquid funds recovered by the EFCC, and not seized properties or recovered assets.
NELFUND, established in 2024 under the Student Loans (Access to Higher Education) Act, provides interest-free loans to eligible students in tertiary institutions.
As of August 8, the fund said it had disbursed more than N322 billion in institutional fees and upkeep allowances to over 1.6 million students nationwide.