President Bola Tinubu has ordered that cash recovered by the Economic and Financial Crimes Commission (EFCC) and certain unclaimed market dividends be redirected to a federal student‑loan programme, the education minister said Wednesday.
Dr. Tunji Alausa disclosed this Wednesday after the Federal Executive Council (FEC) meeting at the presidential villa, Abuja.
He said that President Tinubu had instructed that liquid funds recovered by the anti‑graft agency be transferred to the Nigerian Education Loan Fund (NELFund), to shore up the programme’s finances as its obligations expand.
“The President in his benevolence, has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFund to continue to support its funding,” Alausa said.
He added that FEC approved a parallel move to channel unclaimed dividends held in the Capital Market Trust Fund and the Dormant Account Trust Fund into NELFund.
Minister Alausa emphasised the directive applies only to liquid, unencumbered monies not subject to legal disputes.
“Note, and the President was very clear, not ceased properties, or recovered looted funds, but liquid funds, from the EFCC will now be transferred to NELFund,” he said.
The Minister described the decision as consistent with President Tinubu’s campaign pledge to expand access to higher education by strengthening student‑loan financing.
The order will increase the pool of resources available to NELFund as it meets rising demand from Nigerian students.
