The Minister of Education, Dr Tunji Alausa has announced federal government’s decision to use looted funds recovered by the Economic and Financial Crimes Commission, EFCC, to strengthen the operations of the Nigerian Education Loan Fund, NELFUND.
The minister made the revelation on Wednesday in Abuja, the nation’s capital at the end of the Federal Executive Council, FEC, saying the decision was reached after the meeting.
According to him, President Bola Ahmed Tinubu also directed that funds in the Unclaimed Dividends Trust Fund and the Dormant Accounts Trust Fund be mobilised for the Students Loan scheme.
Dr Alausa stressed that the directive only covers concern funds that have been legally recovered and are no longer subject to any litigation, adding that the EFCC and the Minister of Justice and Attorney General of the Federation and other relevant agencies have been directed to work out the modalities on how to move the funds to NELFUND to strengthen its operations.
“The President was very clear: not seized properties, all recovered looted funds, liquid funds recovered by the EFCC will now be transferred to NELFUND.
“Every single fund that is still subject to a legal challenge will not be part of the money that will be transferred to NELFUND,” Alausa said.
Checks revealed that the EFCC has recovered over ₦248 billion and $105 million in cash, under its ongoing anti-corruption drive.
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