By Ayodele Oni
The Nigerian Education Loan Fund, (NELFUND) has received a boost as President Bola Tinubu directed that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be transferred to the Loan Fund to strengthen its capacity to meet the growing demand for loans by students.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council meeting.
Alausa revealed that the council also approved the President’s directive for all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to be channelled to NELFUND.
According to the minister, the move is aimed at ensuring that the education loan scheme has sufficient funding to meet its expanding obligations to Nigerian students.
“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.”
He explained that the directive applies specifically to liquid funds recovered by the EFCC, rather than seized properties or recovered assets that are still subject to legal proceedings.
The Minister stressed that only funds that are free from legal disputes would be transferred to the education loan fund.
Alausa expressed the view that the decision was in line with Tinubu’s commitment to expanding access to higher education by ensuring that financial constraints do not prevent Nigerian students from pursuing their studies.
He added that the additional funding would help NELFUND sustain its operations and cope with the increasing number of students seeking support under the government’s education loan scheme.
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