President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be transferred to the Nigerian Education Loan Fund (NELFund) to boost student loan financing and ensure the long-term sustainability of the scheme.
The Minister of Education, Dr Maruf Tunji Alausa, disclosed this while briefing State House correspondents on the outcome of Wednesday’s Federal Executive Council (FEC) meeting in Abuja.
Alausa said the council also approved the transfer of unclaimed dividends held under the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFund, subject to compliance with existing legal requirements.
He said the President had directed the Ministers of Finance and Attorney-General of the Federation, alongside the Ministry of Education, the Debt Management Office and other relevant agencies, to develop the modalities for the transfer.
The minister clarified that the directive concerns recovered liquid funds and does not extend to properties seized by the EFCC.
According to him, the Attorney-General of the Federation will work with the EFCC Chairman to review the legal framework governing the relevant trust funds and determine how the recovered funds can be lawfully transferred to NELFund.
